Technically, the 6-hour chart indicators are losing momentum in the bullish territory.
Can ETH/USD Move Higher?
The past few sessions were mostly quiet for ETH/USD as the pair traded in a range below the $950.00-960.00 resistance area. Luckily, it remained above the $900.00 support zone.
However, ETH/BTC was under a lot of pressure and it failed to stay above the 0.0850BTC support. It seems like the pair may decline further and it could soon test 0.0800BTC.
Looking at the 6-hour chart of ETH/USD, the pair is following a slow and steady uptrend. There are two bullish trendlines forming with support around $910.00. Ether is facing a tough resistance near the $980.00-990.00 levels.
The pair may soon make the next move either above the $980.00 resistance or below the $910.00 support. A break and close below $910.00 may perhaps initiate a fresh downward wave, in which case, Ether’s price could trade back toward the $800.00 level.
On the flip side, a break above the $980.00 resistance could push the price above the $1,000.00 level. Moving down to the 2-hour chart of ETH/USD, there is an ascending channel forming with support at $915.00. On the upside, the channel resistance at $960.00 is near a connecting bearish trendline on the same chart.
In the short term, the price will most likely follow the channel and consolidate above $910.00. An acceleration through $960.00 could indicate a rally up to the $980.00 region, where the pair topped recently. Below $930.00, the next supports today would be at $915.00 and $910.00.