Technically, the 2-hour chart indicators remain elevated in the bullish territory.
Can ETH/USD Break $900?
After a minor downside correction from the $883.96 swing high, Ether is back in the bullish zone against the US dollar. However, it has to break the $885.00 resistance zone to gain further momentum.
On the other hand, ETH/BTC started a new downside correction wave. The pair is currently trading below 0.0600BTC and it could test the 0.0550BTC support area in the near term.
Starting with the 30-minute chart of ETH/USD, the pair moved sharply higher from the $820.00 swing low and traded to a new all-time high at $883.96. However, there were no further upsides and the pair started a downside correction.
It moved below the $860.00 support and the 23.6 percent Fibonacci retracement level of the last wave from the $818.08 low to $883.96 high. Later, Ether’s price found support and started moving higher along with a bullish trendline.
The chart suggests that the price is heading toward the $880.00-885.00 resistance area. A successful close above $885.00 is required for a push toward $900.00 in the near term.
Moving up to the 2-hour chart, there is a crucial bullish trendline forming with current support at $800.00. In the short term, there is a breakout pattern forming with resistance at $885.00.
On the downside, an initial support is at $850.00. Should there be a 2-hour close below $850.00, the pair could test the trendline support at $800.00.
Overall, ETH/USD’s bias remains bullish above $850.00 and the pair will most likely continue to move higher toward $885.00 and $900.00.