Technically, the 30-minute chart indicators are rising higher in the bearish territory and toward midlines.
ETH/USD is Forming Range
There were mostly in-range moves in ETH/USD during the past three sessions. The pair declined toward the lower end of the range, tested the $820.00 support, and started an upside recovery.
ETH/BTC remains in a short-term downtrend below the 0.1000BTC level. It could test the 0.0950BTC support, which is a strong buy zone.
Starting with the 30-minute chart of ETH/USD, the pair is rising after forming a base above the $820.00 support. It is gaining momentum and broke a bearish trendline with resistance at $830.00.
The pair also moved above the 23.6 percent Fibonacci retracement level of the recent drop from the $875.70 high to $824.17 low. It is a positive sign, but the pair is facing a couple of key resistance levels on the upside – $850.00 and $870.00.
The $850.00 resistance holds the key for the current wave since it is the 50 percent Fibonacci retracement level of the recent drop from the $875.70 high to $824.17 low. Above $850.00, Ether’s price could retest the $870.00-875.00 resistance range.
Moving on to the 2-hour chart of ETH/USD, the pair is placed nicely above the $780.00 and $750.00 supports. On the upside, there is a new connecting bearish trendline forming with resistance at $865.00.
In the short-term, Ether could trade in a range above the $820.00 level. However, to gain upside momentum, it has to surpass the $870.00 resistance.