Technically, the 12-hour chart indicators are retreating from the overbought levels in the bullish territory.
Ether Price Correction to be Limited
It was a great week for Ether as both ETH/USD and ETH/BTC gained bullish momentum. ETH/USD traded to a new all-time high at $483.51 and is currently positioned well in the bullish zone.
ETH/BTC recovered well from 0.042BTC and managed to move above the 0.050BTC resistance. The pair is currently correcting lower with supports near 0.050BTC and 0.048BTC.
ETH/USD made good ground this past week and was able to move above a crucial resistance near $400.00. There was a break above a major ascending channel with resistance at $405.00 that cleared the way for further gains.
The price traded above the $460.00 resistance and formed a new all-time high at $483.51. At the moment, the pair is correcting lower toward $450.00, which serves as an initial support. Should there be a close below $450.00, Ether’s price might attempt a broader correction back toward the $425.00 support area.
Moving on to the 2-hour chart of ETH/USD, there is a descending channel forming with support near $450.00.
Below $450.00, there is a bullish trendline with support at $444.00. A close below $444.00 would take the price toward the $425.00 horizontal support, which holds a lot of importance in the short term.
The overall short-to-medium term trend is bullish above $400.00. ETH/USD could correct in the short term, but price dips will most likely find support near $425.00. On the upside, resistances are at $480.00 and $500.00.