Technically, the 30-minute chart indicators are showing signs of a downward correction.
ETH/USD Remains in Uptrend
In yesterday's analysis, we discussed that Ether’s gains are slowing but not over. ETH/USD traded higher but failed near a major resistance at $870.00.
On the flip side, ETH/BTC is showing signs of weakness and started a downward wave, breaking the 0.1000BTC support. The next major support on the downside is at 0.0950BTC.
Looking at the 2-hour chart of ETH/USD, the pair formed a solid support base near $800.00. It started an uptrend and moved above the $820.00 resistance, successfully breaking a bearish trendline with resistance at $825.00.
Furthermore, there was a break above the 23.6 percent Fibonacci retracement level of the last decline from the $909.29 high to 780.34 low. However, the price was not able to break a crucial resistance near $870.00.
On a positive note, Ether’s price was successful in breaking the 50 percent Fibonacci retracement level of the last decline from the $909.29 high to 780.34 low near $845.00, which is a bullish sign.
Moving on to the 30-minute chart of ETH/USD, there are signs of a downward correction. An immediate support sits around the $830.00 level and a connecting bullish trendline on the same chart.
Below $830.00, the price could retest the $800.00 support during the coming sessions. In the short term, the risk is skewed toward the downside in ETH/USD as the pair is trading below bearish 21 SMA.
Overall, there can be a minor correction toward $830.00 and $800.00, but the bias is still bullish toward $870.00 and $900.00.