Technically, the hourly chart indicators are neutral in the bullish territory.
ETH/USD Near Make or Break Levels
It’s been more than four days of consolidation in ETH/USD. The pair continues to trade in a small range with support on the downside at $850.00 and resistance around $875.00.
On the flip side, there was a downward reaction in ETH/BTC. The pair failed to move higher, and an increase in buying interest in bitcoin pushed the pair lower toward the 0.0760BTC support.
When looking at the 4-hour chart of ETH/USD, we can clearly see a few bearish signs emerging. Ether sellers were able to push the pair below a connecting bullish trendline with support at $860.00. However, there was no follow through after the break as the pair rolled back towards the $850.00 support, placing the price in a consolidation phase.
On the upside, there is a bearish trendline forming with resistance at $865.00-870.00. A successful close above the trendline resistance is required for a push toward $910.00. On the other hand, if sellers gain momentum and the price tumbles below $850.00, there could a sharp downward reaction.
The hourly chart of ETH/USD is showing short-term positive signs since there was a break above a connecting bearish trendline at $860.00.
The current price action will remain neutral as long as ETH/USD is above the 850.00 support. The next few sessions could be significant and a follow through above $875.00 could open the doors for further upsides in the near term.