Technically, the 2-hour chart indicators are rising higher in the bullish territory.
Ether Price Analysis
Yesterday, we discussed a major breakout pattern with resistance near $500.00. ETH/USD cleared two important resistances at $500.00 and $525.00 to move into a positive zone.
Similarly, there was an upward move in ETH/BTC above the 0.0760BTC level. The pair climbed above the 0.0780BTC resistance and it may perhaps extend gains above 0.0800BTC in the near term.
Starting with the 2-hour chart of ETH/USD, the pair jumped sharply and broke a significant contracting triangle with resistance at $500.00. There was a solid bullish candle formed and the price tested the $525.00 resistance.
Later, Ether consolidated below $525.00 before buyers succeeded in pushing the price above the $530.00 and $540.00 resistance levels. These are all positive signs and suggests that Ether formed a key bottom near the $450.00 level.
Moving down to the 30-minute chart, ETH/USD almost tested the $550.00 resistance and formed a high at $548.12. The price is currently correcting lower and is trading below the $540.00 level.
An initial support awaits at $525.00 (the previous resistance). However, the most important support is around $520.00 and a bullish trendline on the same chart. Should Ether buyers fail to keep the price above $520.00, there could be a pullback to $500.00.
The price is facing a crucial challenge to further gains near the $550.00 resistance. In the short-term, the price could consolidate above the $520.00 level before climbing higher toward $540.00 and $550.00, above which, Ether’s price may well trade toward $575.00.