Technically, the 12-hour chart indicators are stable in the bullish territory.
Ether’s Price to Move Higher?
There were a few swing moves this past week in ETH/USD, but the pair mostly held its bullish ground and was able to recover from a major decline toward $600.00.
ETH/BTC, after a short-term correction, moved above the 0.0500BTC resistance. It is now placed nicely in the bullish zone and could continue to see gains in the near term.
Starting with the 12-hour chart of ETH/USD, the pair seems to be well supported above the $600.00 handle. There are two bullish trendlines forming with support at $680.00 and $620.00.
These trendlines are crucial for the current bullish bias above $600.00. The pair must hold the second bullish trendline at $620.00 to gain bullish traction during the coming days. On the upside, there is a connecting bearish trendline with current resistance at $720.00.
A successful close above the trendline resistance at $720.00 could be propel Ether to drive toward $800.00. Once the current consolidation phase is complete, Ether may reach new all time highs against the US Dollar.
The price is currently above the 50 percent Fibonacci retracement level of the last decline from the $867.75 high to $487.63 low. Therefore, the risk is toward the upside above the 76.4 percent Fibonacci retracement level of the same wave.
Moving down to the 2-hour chart of ETH/USD, there is a short-term resistance trendline at $740.00. On the downside, there are two horizontal supports at $660.00 and $600.00.
Overall, Ether’s price seems to be heading toward a major breakout above $720.00. On the downside, ETH/USD remains supported above $600.00.