Technically, the 6-hour chart indicators crawled back into the bullish territory.
Ether Price Analysis
The past few sessions were mostly positive with ranging moves in ETH/USD above the $520.00 support level. The pair is positioned for a bullish break if Ether buyers succeed in clearing the $550.00 resistance.
Similarly, ETH/BTC extended its range below the 0.0800BTC resistance. An upside break is likely as long as the pair is holding the 0.0780BTC support.
The 6-hour chart of ETH/USD indicates that the pair started a slow and steady rise after forming a bottom at $450.60. It broke the $500.00 resistance and settled above the 38.2 percent Fibonacci retracement level of the last decline from the $628.21 swing high to the $450.60 bottom.
The pair is currently following a solid bullish trendline with support at $510.00 on the same chart, while significant resistance awaits near $575.00. Looking at the current price action, it seems like Ether could continue to move higher toward $575.00 before seeing a downward correction.
Dropping down to the 2-hour chart of ETH/USD, the pair is clearly struggling to break the $550.00 barrier. However, there is a contracting range forming with support at $520.00 and resistance near $550.00.
A successful close above the range resistance may perhaps open the doors for a test of $575.00. Conversely, a bearish break below $520.00 could push Ether’s price toward the $510.00 support zone, which could lead to further losses.