Technically, the 2-hour chart indicators are showing signs of consolidation in the bullish territory.
ETH/USD to Settle above $1,100?
The past few sessions were mostly quiet as there was no major movement in ETH/USD. The pair traded within range, remaining stable above the $1,000.00 support area.
On the other hand, ETH/BTC failed to hold ground, moving below the 0.0900BTC support. It seems like the pair is in the third wave of correction, which may well test the 0.08500BTC level.
Looking at the 2-hour chart of ETH/USD, there is a contracting triangle forming with resistance at $1,100.00. The last 7-8 candles suggest that the pair is in a consolidation phase and is preparing for the next move.
The mentioned $1,100.00 resistance holds a lot of importance, as it represents the 50 percent Fibonacci retracement level of the last drop, from the $1422.48 high to $763.73 low.
A successful 2-hour close above the $1,100.00 range resistance will most likely place Ether’s price in the bullish zone for further upsides. The next major resistance is at $1,200.00 and $1,220.00.
On the downside, the range support is at $1,030.00. Below $1,030.00, the $1,000.00 level is a crucial support. The current price action is positive as long as ETH/USD is trading in the mentioned $1000.00-$1,100.00 range.
Overall, market sentiment is stable, but the price has to settle above the $1,100.00 level during the upcoming sessions. If it fails, there is a risk of a downside move in the near term.