Technically, the 2-hour chart indicators have started moving higher toward the midlines.
Can Ether Price Stay above $900?
There was a sharp drop in ETH/USD during the past three sessions. The pair dropped and moved below the $1,050.00, $900.00 and $800.00 support levels before finding strong bids near $750.00.
Bitcoin price also declined sharply toward the $8,000 level, which helped ETH/BTC to stay in the bullish zone above the 0.1050BTC support area.
Looking at the 30-minute chart of ETH/USD, there is a clear downtrend in place until the last green candle that is signaling a sharp rejection from the $745.00-750.00 area.
A short-term bottom is forming around the $750.00 level since the pair has already moved above the 23.6 percent Fibonacci retracement level of the last major decline from the $1,151.90 high to $745.78 low.
However, a complete reversal is still not in the cards until Ether’s price moves above the $1,000.00 and $1,050.00 levels and back into the bullish zone. Until then, ETH/USD remains at a risk of more declines in the near term.
Moving up to the 2-hour chart of ETH/USD, there is a strong bullish candle forming at $745.78, indicating an upward bias. If the price continues to move higher, there could be a decrease in the current bearish pressure.
A successful close above the 50 percent Fibonacci retracement level of the last major decline from the $1,151.90 high to $745.78 low may perhaps trigger a positive bias.
To sum up, the recent rejection and bounce back are encouraging, but Ether has to move above $1,000.00 to bring back a bullish trend.