Technically, the hourly chart indicators are gaining momentum in the bullish territory.
Ether’s Price to Continue Higher
There was a support base formed above the $680.00 level in ETH/USD, which resulted in an upside move as the pair crawled above the $700.00 resistance.
More importantly, ETH/BTC gained traction and was successful in moving above the all-important 0.0500BTC resistance. It has cleared the path of more gains toward the 0.0550BTC level.
Starting with the hourly chart of ETH/USD, there is a clear support base forming near $675.00. The pair is grinding higher and is currently facing a hurdle near a connecting bearish trendline at $748.00.
Should there be a break and close above the $750.00 level, the price could accelerate higher toward the next resistance at $780.00. Past this last, the price will most likely break the $800.00 barrier and accelerate further higher.
On the downside, there is a short-term bullish trendline forming with support at $720.00. The most important support on the same chart sits at $675.00.
Moving up to the 4-hour chart of ETH/USD, there is a major bearish trendline forming with a current resistance at $740.00-750.00. A successful 4-hour close above the trendline resistance at $750.00 would result in an increase in the bullish sentiment.
Towards the extreme downside, the pair has a crucial support base at $600.00. As long as Ether’s price is above the mentioned $600.00 support, it remains in the bullish territory. A push above the $750.00 will most likely result in more upsides toward $780.00 and $800.00.