Technically, the daily chart indicators are slowly rising toward midlines in the bearish territory.
Ether Price Weekly Analysis
During the past few days, there was a brief consolidation above the $450.00 support in ETH/USD. The pair formed many lower highs before breaking above $480.00.
After forming a support base above the 0.0700BTC level, ETH/BTC slowly moved higher. It managed to break the 0.0720BTC resistance and it could continue to move higher toward 0.0750BTC.
Let’s start with the daily chart of ETH/USD to evaluate the current price action and uptrend. After a major decline from well above $800.00, Ether’s price found support above $400.00. Later, a long consolidation phase started with a bullish angle.
Recently, the pair gained momentum and broke a significant bearish trendline with resistance at $470.00 on the same chart. It indicates that the price may correct above $500.00 in the near term. To the topside, an important resistance is near the 23.6 percent Fibonacci retracement level of the decline from the $833.91 high to $405.29 low at $505.00.
A successful close above $500.00-505.00 could open the doors for further gains toward the $550.00 resistance. Dropping down to the 2-hour chart of ETH/USD, the pair cleared a crucial bearish trendline with resistance at $472.00.
The upward wave found resistance around the 61.8 percent Fibonacci retracement level of the decline from the $548.12 high to $405.29 low. A new monthly high was formed at $492.81 and the price is currently consolidating gains. An initial support awaits at $480.00 (previous resistance), below which, Ether may well retest the $470.00 support.
Looking at the chart, it seems like Ether buyers were successful in pushing the price above a few key hurdles like $470.00 and $480.00. The next key resistances are at $494.00, $500.00, and $505.00. Above this last, Ether may start a major uptrend toward $550.00 and $600.00.