Technically, the 12-hour chart indicators are placed nicely in the bullish territory.
Ether’s Price Uptrend is Intact
This past week, there were a couple of swing moves in ETH/USD, but the pair was able to hold the $610.00 support level and later started a fresh upside wave.
On the other hand, ETH/BTC after trading above 0.0400BTC failed to retain momentum and moved down. The pair is currently trading below the 0.0400BTC level and is under pressure due to the current rise in bitcoin price versus the US Dollar.
Starting with the 12-hour chart of ETH/USD, there is a clear uptrend in place above the $600.00 level. There are a few important points to note, which affirms the current bullish bias.
First, there is a strong medium-term support base forming near $500.00. Second, the current price formation is bullish and suggesting an upside break above the $750.00 level. Lastly, there are no bearish signs on the 12-hour chart, which means buyers are in full control and the price will most likely accelerate higher.
Moving on to the 2-hour chart of ETH/USD, the pair completed a correction pattern from the $758.69 high. It is currently moving higher and it recently broke a major bearish trendline with resistance at $700.00.
It cleared the path for further upsides and Ether’s price may push above the last high of $758.69. The next target for buyers could be around $800.00 and $820.00.
The current price action is super bullish and ETH/USD is poised to gain momentum above $750.00 and $800.00. The next ultimate target could be $1,000.00, which would be a great achievement for Ethereum supporters and the blockchain community.