Technically, the 12-hour chart indicators are slightly negative and could point towards bearish territory.
ETH/USD Approaching a Major Break
This past week, there was a downside reaction in ETH/USD as the pair failed to move above the $1,000.00 resistance. It declined and traded below the $910.00 support, but it succeeded in holding the $780.00 support.
There was also a lot of pressure on ETH/BTC as the par declined below the 0.0850BTC support and tested the 0.0800BTC level. Currently, it seems like the pair has completed a downside correction and could move back toward the 0.0900BTC resistance.
Starting with the 12-hour chart of ETH/USD, there was a failure to break the $1,000.00 resistance. The pair started a downward wave, traded below a significant bullish trendline at $930.00, and tested a crucial support around the $780.00 level.
The $780.00 support holds a lot of importance and the pair must stay above the stated level to remain in a positive zone.
On the upside, there is a key bearish trendline forming with resistance at $860.00 on the same chart. A successful break and close above $860.00 could clear the path for a recovery toward $1,000.00 during the next few days.
Moving on to the 2-hour chart of ETH/USD, there is a bearish structure and a trendline forming with resistance at $850.00. On the downside, the $780.00 support is clearly a noteworthy pivot region. Should Ether’s price fails to stay above $780.00, there may perhaps be a test of the $750.00 level.
To sum up, ETH/USD is approaching a major break with support at $780.00 and resistance on the topside at $860.00. Above $860.00, the $900.00 and $910.00 levels serve as important barriers, above which the price could accelerate toward $1,000.00.