Technically, the 4-hour chart indicators are back in the bullish territory.
Can ETH/USD Break $910?
There was a decent upward wave initiated for ETH/USD this week. The pair was able to move above the $860.00 and $880.00 resistance levels to set the pace for more gains.
On the other hand, ETH/BTC was not able to rise further toward 0.0880BTC and started a downward correction. It seems like the pair may retest the 0.0800BTC support.
Starting with the 4-hour chart of ETH/USD, there was a solid support formed around $800.00. The pair started an uptrend and moved above two bearish trendlines with resistance at $850.00 and $865.00.
The pair managed to trade slightly above the 50 percent Fibonacci retracement level of the last drop from the $981.64 high to $788.16 low, at $885.00. A 4-hour close above that mark could trigger further gains and the pair may perhaps break the $900.00 and $910.00 resistance levels.
On the downside, there is a crucial bullish trendline forming with support at $850.00 on the same chart. Therefore, if Ether’s price corrects lower, it could find support near $850.00.
The hourly chart of ETH/USD suggests a series of important supports, such as $870.00, $860.00, and $840.00.
Below $840.00, the price would move back into a negative zone with the next support at $800.00. On the upside, Ether buyers will most likely struggle to break the $910.00 resistance. However, a successful break could extend the current recovery toward $960.00 and then $1,000.00.