Technically, the hourly chart indicators jumped sharply higher and moved into the bullish territory.
Ether Price Analysis
Yesterday, there was a break below the $420.00 support in ETH/USD. The pair was under a lot of bearish pressure, but Ether buyers were able to defend further declines below the $405.00 level. A low was formed at $405.29 and the price jumped sharply higher.
Similarly, losses were limited in ETH/BTC and the pair moved back above the 0.0700BTC pivot level. It is now trading with a tiny positive bias, and it could trade toward the 0.0720BTC resistance.
Looking at the hourly chart of ETH/USD, the pair started a solid rally after it broke a key contracting triangle with resistance near $410.00. It opened the doors for an upward acceleration and the price jumped above two important resistances at $420.00 and $430.00.
There was a break above a connecting bearish trendline with resistance at $432.00 on the same chart. More importantly, the price cleared the 23.6 Fibonacci retracement level of the last drop from the $548.12 high to $405.29 low.
Finally, Ether’s price surpassed a significant barrier at $440.00 and moved into a bullish zone. Moving up to the 4-hour chart of ETH/USD, the pair is now trading well above a crucial bearish trendline and resistance at $440.00.
However, Ether is facing a major pivot zone near $455.00-460.00, above which the price will most likely trade toward the $500.00 psychological barrier. An intermediate resistance is the 50 Fibonacci retracement level of the last drop at $475.00.
To sum up, Ether moved into a bullish zone, and further gains in ETH/USD are very likely as long as the price is $430.00.