Technically, the 2-hour chart indicators are moving slightly lower in the bullish territory.
ETH/USD Remains Well Supported
There was a decent upside move in ETH/USD from the $770.00 low. The pair moved above the $800.00 level but failed to surpass offers near the $840.00 level.
On the positive side, ETH/BTC retained bullish momentum and traded above the 0.0480BTC and 0.0500BTC resistance levels. The overall market sentiment is favoring more gains as long as the pair is above 0.0450BTC.
Looking at the 30-minute chart of ETH/USD, there was a break above a short-term bearish trendline at $800.00, which opened the doors for more gains. The pair traded as high as $838.62 and later started consolidation in a range.
Recently, there was a slight increase in the bearish pressure, which resulted in a downside push below the range support of $825.00. The pair is currently moving lower, but downsides seem to be limited, having supports at $800.00 and $770.00.
Moreover, the 50 percent Fibonacci retracement level of the last wave from the $752.50 low to $838.62 high could also provide support if Ether’s price moves below $800.00.
Moving up to the 2-hour chart of ETH/USD, the pair remains well supported on the downside around two bullish trendlines at $795.00 and $755.00. The lower trendline is crucial since it prevented declines during critical situations.
On the upside, there is a connecting bearish trendline forming with resistance at $840.00. A successful close above the mentioned $840.00 could clear the path for more gains toward $870.00 and $900.00 in the near term.
To sum up, both ETH/USD and ETH/BTC are in bullish zones and remains well supported for more upsides.