Technically, the daily chart indicators are positioned nicely in bullish territory.
Ethereum - Ether Price Remains Well Supported
This past week was mostly bullish for ETH/USD as the pair was able to set a new milestone with a break of the $500.00 level. A new all-time high was formed at $515.50, and the current trend remains bullish.
On the flip side, the ETH/BTC pair struggled a lot during the past 2-3 weeks and failed to stay above the 0.050BTC level. It even broke the 0.0420BTC support and is currently heading toward the 0.040BTC level.
Let’s start with the daily chart of ETH/USD, which suggests a clear bullish trend above $400.00. The pair gained heavy bids after it succeeded in moving above the $350.00 resistance. The upside move was such that the pair managed to break the $500.00 handle as well.
A new all-time high was formed at $515.50 before a substantial downside correction was initiated. The price declined and traded below the $450.00 and $425.00 support levels. However, the downside move was protected by a monster bullish trendline with a current support of $410.00 on the daily chart.
A low was formed at $394.11 and the price recovered sharply. It moved above the 50 percent Fibonacci retracement level of the last decline from the $515.50 high to $394.11 low. More importantly, the last two daily candles are pointing at a major rejection from the $400.00-390.00 levels.
currently, Ether’s price is facing a major resistance around $480.00-500.00. It seems like it won’t be easy for buyers to push the price above $500.00 once again. Therefore, there are chances that the price could trade in a range below $500.00 for a few sessions before making the next move.
Moving down to the 2-hour chart of ETH/USD, the pair is currently facing resistance near a bearish trendline at $455.00-460.00. Should there be a close above $460.00, the price could test the $480.00 and $500.00 resistance levels.
To conclude, the overall medium term trend is overwhelmingly bullish for ETH/USD and Ether’s price will most likely remain in an uptrend during December of 2017 with supports on the downside at $450.00, $425.00, $410.00 and $400.00.