Technically, the 30-minute chart indicators remain well supported in the bullish territory.
ETH/USD Eyes Further Gains
The market sentiment is positive for Ether as the price slowly moved higher toward the $770.00 level. However, ETH/USD struggled to move above $765.00 and started a downside correction.
Similarly, ETH/BTC is gaining bullish momentum from the 0.0450BTC support and is moving higher toward the all-important 0.0500BTC resistance.
Starting with the 30-minute chart of ETH/USD, there is a rising channel forming with support at $740.00. However, the range support and an important barrier for sellers is at $730.00. The pair is slowly moving higher and the recent failure was around the channel resistance at $765.55.
The pair might trade a few points lower toward $730.00 or $720.00, but it remains supported and losses could be limited. Moving up to the 2-hour chart of ETH/USD, there is a clear bullish trend forming above $700.00. However, it seems like Ether buyers are struggling to gain momentum above $750.00 and $760.00.
There is a bullish trendline forming with current support around $740.00 and $730.00. On the upside, a successful close above $760.00 and $775.00 could be a great bullish signal for further upsides.
On the other hand, should Ether’s price fail to remain above the $730.00 level and there is a 2-hour close below $730.00, then there could be more losses toward $700.00.
The short-term bias is bearish since there can be a downside correction, but ETH/USD has to gain momentum above $760.00 to remain in the bullish zone for a push above $800.00 in the near term.