Ether continues to show bullish signs this week after it completed a downward correction on July 3rd and hit $470.00 against the US dollar. The pair which was slightly moving in the bearish territory has regained its upward trend.
The pair started showing positive signs after it declined toward $450.00-460.00 support zone, completed a bearish trend, and slid back into the bullish area.
Going by the 2-hour charts, the ETH/USD attracted more buyers when it plunged toward the $450.00-460.00 support. The pair formed a low at $451.80 and resumed the upward trend. It plummeted its way into breaking the bearish trendline at $462.00 resistance on the 30-minute charts. It is important to note that there was a break above the 61.8 Fibonacci retracement level of the last decline from the $486.95 high to $451.80 low.
Moreover, Ether’s price went beyond the resistance of $470.00, gesturing a bullish dominance. The price is expected to try its hand again at the $485.00-490.00 resistance if the current price trend continues.
With ETH/USD being at $474.36 high and $464.50 low as of today, it is estimated to touch the $460.00-450.00 support zone again.
Speaking of the ETH/USD pair, ETH/BTC also showed possible signs of starting an upward trend after it crossed the 0.0700BTC support. Clearing the 0.0720BTC resistance will make those prospects even stronger.
The current overall market situation suggests gains in ETH/USD if it continues to be favoured by the $470.00 support. In fact, the probability of a push above $500.00 is high if the pair breaks through the $490.00 resistance.