Technically, the 30-minute chart indicators are rising higher in the bullish territory.
ETH/USD to Gain Further
In the weekly forecast, we discussed a crucial resistance at $860.00 for ETH/USD, which the pair recently broke.
More importantly, ETH/BTC also traded higher and was able to move above the 0.0850BTC resistance. The next resistances on the upside are at 0.0880BTc and 0.0900BTC.
Looking at the 2-hour chart of ETH/USD, there was a steady rise and the pair broke an important bearish trendline with resistance at $850.00. It opened the doors for more gains past $860.00.
There was also a 2-hour close above $850.00, which is a positive sign. The pair even surpassed the 50 percent Fibonacci retracement level of the last decline from the $959.02 high to $788.16 low.
An intraday high was formed at $880.35, and Ether’s price is currently consolidating gains. On the downside, an initial support rests at $860.00 (previous resistance). There is also a bullish trendline forming with support at $842.00.
Therefore, if there is a downward correction for Ether, the mentioned $860.00 and $840.00 levels are likely to act as strong supports and buy levels.
Above $880.00, the price has to break the $900.00-910.00 barrier, above which the price would most likely overcome selling pressure and trade toward $1,000.00.
The overall price structure is positive since ETH/USD broke the $860.00 resistance. However, the $910.00 resistance is the next major challenge and a significant hurdle for more upsides.