Technically, the 4-hour chart indicators are rising sharply toward the midlines with solid bullish signs.
ETH/USD Back in Positive Zone
Yesterday, we discussed a key support near $780.00 in ETH/USD. The pair succeeded in holding the stated $780.00 support, formed a low at $788.16, then started a fresh upward move.
ETH/BTC started its own upward correction after consolidating near the 0.0800BTC support. The pair is now approaching the 0.0850BTC resistance area before 0.0880BTC.
When looking at the 4-hour chart of ETH/USD, we clearly see how the pair tested a major support area near $780.00. Ether sellers failed to push the price below the mentioned $780.00, which resulted in a sharp bullish move.
The pair jumped above the 23.6 percent Fibonacci retracement level of the last decline from the $981.64 high to $788.16 low. The current and last 4-hour candles are very bullish, suggesting a reversal pattern.
$910.00 could act as a resistance, possibly preventing further gains in the current wave from the $788.16 low. An intermediate resistance awaits near $885.00, which marks the 50 percent Fibonacci retracement level of the last decline from the $981.64 high to $788.16.
Moving on to the hourly chart of ETH/USD, there was a break above a significant bearish trendline with resistance at $840.00. However, it seems like the pair may find it difficult to pierce the $900.00-910.00 resistance.
However, a successful close above $910.00 could accelerate gains toward $950.00 in the near term. There's an initial support at $850.00, followed by the $820.00 swing low, and a final crucial support at $800.00 to aid the move.