ETH/USD is likely in an uptrend, as both H1 and H4 time frame charts are pointing bullish technical indicators and favoring further upside.
Ethereum Price Trend
The Brexit decision created a lot of volatility in the financial markets, and had huge market implications as GBP collapsed and non-risk currencies gained a lot of traction. ETH was also seen gaining bids, and there was an increase in volumes. ETH/USD traded higher and slowly and steadily followed an uptrend channel on the past 24-hours chart (as shown with yellow lines).
The price traded close to the $14.50 level, which was highlighted in yesterday’s post. I think there may be offers around the stated level, igniting another corrective rally in ETH/USD.
However, there is a major support area formed near $13.75 (as shown with an orange line on the chart), which may act as a pivot area for the pair. As long as the price is above the stated level, it may remain in an uptrend.
No doubt, ETH/USD is bullish as this moment, as there is a support trend line formed on the last 7-days chart. The price may dip a couple of points from the current levels, but it overall looks set for a move towards the last swing high of $15.40.
The price is also well above the 100 hourly simple moving average, which is a positive sign for the ETH bulls in the short term.