Technically, the 6-hours chart indicators have turned north above neutral levels to position in the bullish zone.
Ether overpowers all odds
It looks like Ether price has formed a short-term bottom against the USD and BTC. The market sentiment also changed, and now signaling a bullish bias.
The ETH/USD pair performed well during the past 24 hours and up by more than 20%. Yesterday, I highlighted a monster bearish trend line on the 4-hours and suggested if the pair closes above it, there can be more gains.
The price did close above it, and registered good gains. During the upside move, the pair broke a couple of important resistance levels. The most crucial was at $8.00, as can be seen from the 2-hours chart of ETH/USD.
There was also a bearish trend line break, igniting a rally above the $8.00 resistance. An intraday high so far was $8.72 where Ether price is facing a short-term resistance.
There is a chance of a minor decline or correction if the price keeps struggling to break the $8.70-80 resistance. In that case, the broken resistance at $8.00 may now act as a support. It also coincides with the 23.6% Fibonacci retracement of the recent wave from the $5.84 low to $8.72 high.
When we move to the 6-hours chart of ETH/USD, we can clearly see how the trend has changed in favor of the Ether supporters. There were two critical bearish trend lines, which were cleared during the recent upside drift.
It looks like the next stop on the upside could be around $9.00 where there is a possibility of a reaction. Overall, the trend at the moment favors more ETH/USD upsides in the short term.