Technically, the 30-minute chart indicators are showing signs of a short-term correction.
Will ETH/USD Move Back above $1,000?
Yesterday, we saw Ethereum achieve a new milestone when ETH/USD moved past the $1,000.00 level. A new all-time high was formed at $1,017.14 (average price) from where a downside correction was initiated.
Likewise, ETH/BTC also started a short-term correction and moved below the 0.0650BTC level. The pair is currently heading toward 0.0600BTC where it will most likely find strong buying interest.
The 2-hour chart of ETH/USD suggests a major bullish trend with many back-to-back green candles. However, it seems like the pair is facing strong offers above $1,000 and it made a short-term top at $1,017.14.
The last three candles are pointing to a downside move probably toward the $960.00 support. There are many barriers for Ether sellers on the downside, such as $960.00, $880.00, and $860.00. To start with, there are two connecting bullish trendlines at $960.00.
Below $960.00, the previous resistance at $880.00 could prevent declines. Lower, there is another crucial bullish trendline on the same chart with support at $860.00. Therefore, a major decline from the current levels would be difficult.
Moving down to the 30-minute chart of ETH/USD, there is a short-term contracting triangle forming with support at $970.00 and resistance at $1,020.00. The pair is approaching the triangle support that could prevent declines below $970.00.
To sum up, Ether’s price has many supports on the downside and once the current correction is complete, ETH/USD could move back toward or above $1,000.00 once again.