Technically, the hourly chart indicators are moving higher once again after a minor pullback.
ETH/USD’s Bullish Channel
Yesterday, we saw the start of a short-term downside correction in ETH/USD. The pair moved below the $970.00 level and tested the $940.00 area.
Additionally, ETH/BTC is still in a correction mode and it recently traded below the 0.0600BTC support. The pair is currently under pressure due to the recent rise in bitcoin price versus the US Dollar.
Looking at the 4-hour chart of ETH/USD, there is a major ascending channel forming with support at $950.00. During the last correction wave, the pair tested the mentioned channel but are now moving back higher.
Below the channel support, there is a crucial bullish trendline forming with support at $900.00. It is an important support for the current bullish trend line above the $850.00 pivot.
Should there be a break below $900.00, the pair could test the next major buy zone near $750.00, which served as a resistance earlier. Moving on to the hourly chart of ETH/USD, there are two bullish trendlines positioned at $950.00.
Any major downside reaction will most likely find a strong buying interest near the $950.00 level. On the upside, Ether’s price needs to move back above $1,000.00 to gain momentum.
The overall trend is bullish above $950.00. Below that mark, ETH/USD could move into the second wave of a correction phase, eyeing a test of the $900.00 support. On the upside, above $1,000.00, the price would gain traction for a new all-time high.