Technically, the 2-hour chart is indicating a consolidation pattern in the bullish territory.
Can ETH/USD Move Higher?
There was no major upward move in ETH/USD during the past three sessions, but the pair was successful in holding a major support area at $900.00-910.00.
On the other hand, bitcoin price gained momentum and moved above $10,000, which increased downward pressure on ETH/BTC. The pair broke the 0.0950BTC level and is currently heading toward the 0.0920BTC support.
Starting with the 6-hour chart of ETH/USD, there is a key connecting bearish trendline forming with resistance at $945.00. The pair is struggling to surpass the trendline resistance and is currently consolidating above $900.00.
There is an ascending channel forming with current support at $880.00, below which, Ether’s price may decline further toward $800.00. On the upside, a break above the trendline resistance at $945.00 could open the doors for more gains toward $1,000.00 or higher.
Dropping down to the 2-hour chart, there is a range forming with support at $910.00 and resistance near $950.00. There is also a bullish trendline on the same chart with support at $900.00.
Therefore, there are a few key supports forming near $910.00, $900.00, and $880.00. As long as Ether is trading above the mentioned supports, it could rise in the near term beyond $950.00.
The next crucial resistance is at $1,000.00. A follow-through beyond the $1,000.00 handle could get extended to $1,040.00, above which ETH/USD has a chance of reclaiming the $1,100.00 level.