Technically, the 2-hour chart indicators have reached the overbought levels.
Ether’s Price Testing Crucial Support
Ether is building bullish momentum as ETH/USD succeeded in breaching an important resistance area at $750.00. The pair even moved above the $800.00 and $850.00 levels to trade to a new all-time high at $867.75.
More importantly, ETH/BTC gained traction and broke a key resistance at 0.0400BTC. It traded above the 0.0450BTC level and is poised for more gains in the near term.
Let’s start with the 2-hour chart of ETH/USD, which suggests an important break above the $750.00 resistance. There were six back-to-back bullish candles from the $710.00 swing low. The pair traded as high as $867.75 before it formed a bearish overlapping candle.
The price has already corrected lower and moved below the 23.6 percent Fibonacci retracement level of the last wave from the $710.00 low to $867.75 high. However, the $800.00 level acted as a support and prevented further declines.
The next support is around the 50 percent Fibonacci retracement level of the last wave from the $710.00 low to $867.75 high at $788.00. Moving on to the 30-minute chart of ETH/USD, there is an ascending channel forming with current support at $810.00.
Therefore, it seems like the $800.00-810.00 support region is very crucial for today’s trend. As long as Ether’s price is above the $800.00 support, it should continue to rise further in the near term.
The recent high at $867.00 could be tested again during the coming sessions. The next target could be $900.00, and a break above that will most likely accelerate the upside toward $1000.00.