Technically, the 6-hour chart indicators are currently near midlines in the bullish territory.
Ether Price Analysis
Yesterday, we discussed that the ETH/USD rally could extend to $98.00. The pair did move higher, breaking the $92.50 and $96.00 resistance levels and testing the $98.00 hurdle where sellers emerged.
ETH/BTC remained well-supported above the 0.0260BTC support. The pair is currently moving higher toward the 0.0270BTC resistance, above which there could be a sharp upward move toward 0.0280BTC and 0.0285BTC.
The 6-hour chart of ETH/USD is showing a lot of positive signs above the $90.00 level. The pair likely formed a short-term bottom at $82.12 and started a solid upward move above $85.00 and a crucial bearish trendline.
There was a clear break above the $92.00 resistance and the 23.6 Fibonacci retracement level of the drop from $126.77 to $82.12. However, the price ran into an important resistance zone at $98.00-100.00. A new weekly high was formed at $98.49; the price later corrected lower.
The price traded below the $95.00 support, but the previous swing high around $93.50 acted as a decent support along with the 38.2 Fibonacci retracement level of the recent upward move from $82.12 to the $98.49 high.
To the topside, a bearish trendline on the 2-hour chart is acting as a hurdle near $96.80. A successful break above the trendline and $98.00 could clear the path for a test of $100.00. The current technical structure on the 2-hour chart indicates that Ether is likely to extend gains above $98.00 and $100.00 in the near term.
Should there be a bearish correction, ETH is likely to find a strong buying interest near $93.00, below which the price could test the $88.00 support.