ETH/USD Forecast: Upside Drift In Focus
|Ether price managed to pop higher against the US Dollar, and broke the $8.20 and $8.40 resistance area.|
|The ETH/USD pair is currently pressuring the $8.55 resistance area, and looking for a break above it.|
|A successful close above the mentioned resistance might ignite more upsides in the short term.|
Technically, the indicators on the near-term studies are turning into full bullish setup.
Ether Price Sighting Gains
There was a positive trend development yesterday in Ether price against the US Dollar. The ETH/USD pair was seen recovering within an important range of $8.00-$8.50.
The pair later gained pace from the $8.00 support area and moved higher. The 30-min chart suggests that a lot happened during the past couple of sessions. First, there was a break above the $8.20 resistance area, which opened the doors for an upside move.
Second, the price also managed to break the 38.2% Fib retracement level of the last decline from the $8.55 high to $7.93 low. The price traded towards the $8.45 level where a consolidation phase started.
The price traded in a range for some time with support at $8.30 and resistance at $8.45. The pair later gained pace, and managed to break the consolidation pattern resistance.
As a result, there was an upside drift above the $8.50 resistance. The price traded above the last swing high of $8.55, and traded as high as $8.58. The recent move in ETH/USD points a short-term trend change, as technical studies are turning into full bullish setup.
The 2-hour chart of ETH/USD shows how the pair is pressuring the $8.55 barrier. The Ether buyers are clearly looking for a H2 close above the highlighted resistance area.
If they succeed, we can witness a move towards the $8.80 level or even towards $9.00 in the near term.