Technically, the 2-hour chart indicators are showing a few negative signs in the bearish zone.
Can ETH/USD Make it?
There was an extension of this week’s consolidation pattern as ETH/USD continued to trade in a range below the $875.00 and $880.00 resistance levels.
On the other hand, ETH/BTC declined and broke an important support at 0.0800BTC. It could push the pair lower toward the next support at 0.0760BTC.
Looking at the 6-hour chart of ETH/USD, the pair seems to be consolidating above the $850.00 support level. More importantly, there is a crucial contracting triangle forming with support near $850.00. On the upside, the current resistance is around $865.00.
The current price action suggests that the price is struggling to move above the triangle resistance trendline. Therefore, the triangle support near $850.00 is a risk. Should there be a break below $850.00, the price could decline toward the $820.00 level.
On the flip side, a break and close above the triangle resistance would clear the path for Ether buyers, with the next barriers seen at $900.00-910.00.
The 2-hour chart of ETH/USD also suggests a similar picture. Looking at the wave structure, the price is currently in the fourth wave from the $811.22 low. It means that if the price succeeds in holding the $850.00-860.00 support, the final fifth wave could end above the $875.00 resistance level.
Fresh bullish acceleration through initial resistances at $875.00-880.00 could extend toward the next target at $910.00. Conversely, a firm break and close below $850.00 is needed to validate reversal signal and open way for $800.00.