Technically, the 30-minute chart indicators bounced sharply in the bullish territory.
Ether Price Analysis
Yesterday, we discussed how ETH/USD could consolidate above the $520.00 level before climbing higher toward $540.00 and $550.00. The pair corrected lower recently, tested the $520.00 support, and it is currently showing signs of another upward move.
On the other hand, ETH/BTC was confined to a range near the 0.0780BTC level. It seems like the pair is preparing for a break above a key resistance zone at 0.0800BTC in the near term.
Looking at the 30-minute chart of ETH/USD, there was a downward correction after the price traded as high as $548.12. It declined and broke the $530.00 and $525.00 levels. There was even a break below the 50 percent Fibonacci retracement level of the last wave from the $515.34 low to $548.12 high.
However, the decline was protected by the $520.00 support zone. Ether’s price is currently moving higher and is attempting a close above a bearish trendline with resistance at $525.00 on the same chart.
To the topside, the $540.00 resistance zone seems to be a major hurdle for more gains in Ether. The next key resistance sits at $550.00, above which, the price will most likely accelerate gains.
The 2-hour chart of ETH/USD suggests that the pair is well supported above $500.00. More importantly, there is a crucial bullish trendline formed with support at $510.00.
Therefore, should there be a bearish extension, the price may perhaps find support near $510.00. The overall market sentiment is still positive and it seems like Ether could remain bullish during the following sessions.