Technically, the 2-hour chart indicators are placed nicely in the bullish territory.
Ether's Uptrend is Intact
Yesterday, we discussed that ETH/USD is trading in the bullish zone above the $750.00 and $800.00 support levels. The pair remained above these supports and it seems like it will soon gain momentum.
More importantly, ETH/BTC completed a short-term correction and moved back above the 0.1000BTC level. The pair will most likely continue to move higher as long as the 0.0980BTC support is intact.
Starting with the 6-hour chart of ETH/USD, the pair formed a solid bullish pattern at $564.11 and began an upward move. At present, it is trading near a crucial pivot zone at $820.00-860.00.
The next important resistance is the 50 percent Fibonacci retracement level of the last major drop from the $1,238.92 high to $564.11 low at $900.00.
However, a daily close above $840.00 would be a great bullish sign and Ether’s price may go on to target the $1,000.00 barrier on the upside. Dropping down to the 2-hour chart of ETH/USD, it seems like the pair is closing above a bearish trendline with resistance at $810.00.
If the price starts a downward correction, it would likely find a strong support at $800.00. Below the mentioned $800.00, the price could retest the $750.00 support zone.
Overall, the price action is positive and it's expected that ETH/USD will push above $840.00 and $860.00 in the near term. Important supports on the downside are $800.00 and $750.00.