Technically, the 2-hour chart indicators are rising higher in the bullish territory.
Ether’s Price to Move Higher?
Yesterday, we noticed many positive signs from the $600.00-610.00 support in ETH/USD. The pair completed a correction wave and moved above the $650.00 and $680.00 resistance levels.
Furthermore, ETH/BTC also gained bids and succeeded in avoiding further declines. The pair is currently moving north and looks to break the 0.0400BTC resistance to gain bullish traction.
Looking at the 2-hour chart of ETH/USD, the pair formed a solid support around the $610.00 level and later started an upside move. It is now well above the 50 percent Fibonacci retracement level of the last drop from the $758.69 high to $614.05 low.
During the upside, the pair broke a bearish trendline with resistance at $680.00. It has opened the doors for more gains and the pair is currently attempting a push above the $700.00 barrier.
Should Ether buyers succeed in placing the price above $700.00, there could be more upsides toward $720.00 in the near term. Above $720.00, the next barrier awaits at $750.00.
Looking at the 6-hour chart of ETH/USD, it seems like the pair is forming a major contracting triangle with current support at $640.00 and resistance around $720.00.
The triangle chart highlights a range of $720.00 to $640.00. A move above $720.00 could propel the pair toward $800.00. On the flip side, a close below the $640.00 level could escalate the risk of short term losses in ETH/USD.
The short-to-medium term trend seems to be bullish, signaling possible gains in Ether’s price towards $750.00.