Technically, the 4-hour chart indicators are moving higher in the bullish territory.
ETH/USD Recovery Looks Real
It seems like Ether is now back in the bullish zone since ETH/USD has settled above the $600.00 pivot. The pair is now above $700.00 and is slowly gaining pace.
More importantly, ETH/BTC has moved higher and broke an important resistance area at 0.0500BTC. The pair is now well above the stated 0.0500BTC and is gaining bullish momentum.
Looking at the 4-hour chart of ETH/USD, there are two major support levels forming at $600.00 and $500.00. The mentioned $500.00 is very crucial, as it might continue to hold declines in the near term.
The pair recently broke a connecting bearish trendline on the same chart at $670.00, which has opened the doors for more gains. It seems like Ether buyers are back in control and the price might continue to slowly climb higher in the short term.
On the upside, an important resistance is at $750.00, followed by the $780.00 level. Moving on to the hourly chart of ETH/USD, there is an ascending channel forming with support at $705.00 and $710.00.
The pair could break the channel support, but there is a bullish trendline waiting on the downside to prevent losses at $660.00.
On the upside, a break above the $750.00 would completely eliminate the bearish pressure on Ether. The overall market sentiment is bullish and ETH/USD will most likely continue to recover further in the near term.