Technically, the daily chart indicators remain elevated in the bullish territory.
Ether Price to Continue Higher
It was mostly a positive week for ETH/USD despite of a couple of downside moves toward $400.00. The mentioned $400.00 level acted as a support and prevented further declines.
On the other hand, it was a super bearish week for ETH/BTC due to heavy gains in bitcoin price versus the US Dollar. However, the pair found buyers near 0.0240BTC and is currently showing positive recovery signs.
Starting with the daily chart of ETH/USD, there is a clear bullish trend in place above $400.00. A crucial bullish trendline is forming with current support at $425.00, which recently acted as a major hurdle for sellers.
The pair is well positioned above the $425.00 level and remains poised for the next break in the near term. On the upside, there is a major resistance area around $490.00-500.00. A daily close above the $500.00 resistance could be a great bullish signal for more gains in the medium term.
On the flip side, a break below the trend line support at $425.00 will most likely put Ether buyers on the back foot. In such a scenario, the price could even break $400.00 and extend declines toward $375.00.
Moving down to the 6-hour chart of ETH/USD, there is a broad range forming with support above $400.00 and resistances at $490.00 and $510.00. At the outset, the market sentiment is positive, which means risk is towards the upside.
Overall, the medium-term trend is bullish for Ether and a recovery of ETH/BTC could increase possibilities of further gains above $500.00 in ETH/USD.