Technically, the hourly chart indicators are correcting lower from the overbought levels.
ETH/USD Could Accelerate Further
There was a positive price structure formed in ETH/USD around the $825.00 swing low. The pair started a nice upward move and succeeded in breaking a crucial resistance at $870.00.
On the other hand, ETH/BTC continues to correct lower and is currently approaching the 0.0950BTC support; the previous support at 0.1000BTC is now a resistance.
Looking at the hourly chart of ETH/USD, there was a sharp rise in bullish sentiment from the $825.00 low. The pair broke the 61.8 percent Fibonacci retracement level of the last decline from the $875.70 high to $824.17 low. It opened the door for more gains and Ether’s price moved above the $870.00 resistance and the $875.70 high. A new weekly high was formed at $898.69, from where the price started a downward correction.
If the price declines, an initial support awaits around $870.00-875.00 (resistance turned support). Below $870.00, there is a bullish trendline forming with support at $855.00. Should buyers succeed in pushing the price above $900.00, ETH/USD could accelerate further toward $940.00 and $960.00.
Moving up to the 4-hour chart of ETH/USD, the last four candles were green. Moreover, there is a key bullish trendline forming with support at $840.00 on the same chart.
Overall, the current price action is bullish and if Ether succeeds in a close above $900.00, there could be further gains in the near term.
