Technically, the 2-hour chart indicators remain bullish despite overbought levels.
Ether's Bullish Trend is Here
The past few sessions were amazing for Ethereum supporters, as Ether’s price achieved yet another milestone by moving above the $750.00 level.
Similarly, there were further upsides in ETH/BTC and the pair was able to move above the 0.0400BTC resistance. These are positive signs that suggest continuing gains in the near term.
Starting with the 30-minute chart of ETH/USD, there was a clear break above the $600.00 and $650.00 resistance levels. The pair moved sharply higher, and during the upside broke a contracting triangle with resistance at $700.00-710.00.
There was a solid upside move and the price traded toward the $750.00 mark. The current momentum is unstoppable and it seems like Ether will most likely continue moving higher during the coming sessions.
On the downside, an initial support is around the broken triangle at $700.00. Below $700.00, the lower triangle trendline at $680.00 could act as a strong support.
Looking at the 2-hour chart of ETH/USD, the pair is in a major uptrend above the $700.00 level. Ether buyers are in full control, which means the current bullish trend will most likely extend above $800.00 in the near term.
There are a lot of bullish signs on both 2-hour and 30-minute charts of ETH/USD and therefore more upsides are possible as long as the price stays above $700.00.
Overall, both ETH/USD and ETH/BTC will accelerate further above $800.00 and 0.0450BTC respectively. In the short term, corrections should be limited below $700.00 and $650.00 in ETH/USD.