Technically, the 2-hour chart indicators are back in the bullish territory and are moving higher.
Ether Price is Back in Bullish Zone
After a major downside move yesterday, ETH/USD found solid buying interest near $400.00. The pair formed a bottom at $394.11 and started an upside move.
On the other hand, the ETH/BTC pair faced selling pressure and tested the 0.0420BTC support. It is currently consolidating in a range and is preparing for the next move.
Looking at the 30-minute chart of ETH/USD, the pair clearly gained traction and moved above the $420.00 resistance. Buyers succeeded in breaking the 23.6 percent Fibonacci retracement level of the last decline from the $515.50 high to $394.11 low.
It opened the doors for more gains and the pair broke a key bearish trendline that was forming with resistance at $435.00. More importantly, the pair is now above the 50 percent Fibonacci retracement level of the last decline from the $515.50 high to $394.11 low.
It means the price has likely formed a bottom and moved back into the bullish zone above $440.00. The next major resistance on the upside is at $460.00. Above the mentioned $460.00 level, the 61.8 percent Fibonacci retracement level of the last decline from the $515.50 high to $394.11 low near $468.00 would act as a major resistance.
The 2-hour chart of ETH/USD suggests that the pair is approaching a major resistance near $468.00-470.00, which was a support earlier.
However, the current momentum is very positive and it seems like Ether’s price might continue to gain traction. Resistances such as $460.00 and $468.00 could be tested, and supports on the downside are $440.00 and $425.00.