Technically, the 2-hour chart indicators are consolidating in the bullish territory.
Can ETH/USD Make it?
The past three sessions were mostly quiet since there was no substantial movement in ETH/USD. The pair traded in a tight range above the $675.00 support and is currently preparing for the next move.
On the other hand, ETH/BTC is increasingly bullish and it seems like the pair may well accelerate gains above the 0.0750BTC resistance. The next major hurdle for buyers is around 0.0800BTC.
Looking at the 30-minute chart of ETH/USD, the pair is following a contracting triangle with support at $675.00 and resistance near $692.00. Recently, a fresh upward wave was initiated from the $664.97 low and the price moved above the 50 percent Fibonacci retracement level of the last drop from the $698.90 high to $664.97 low.
However, the price is facing a tough resistance near $690.00-695.00. Should there be a bullish break above $692.00, the price will most likely surge past $700.00 during the coming sessions.
On the other hand, a push below the triangle support at $675.00 could start another bearish wave toward $640.00. The 2-hour chart of ETH/USD indicates that the $675.00 support is very crucial, since two connecting bullish trendlines are positioned near the stated support.
Therefore, a bearish break below $675.00 and $670.00 is likely to increase selling pressures on Ether. The current price action suggests that ETH/USD is losing momentum below $690.00. Thus, the price must break the $690.00-692.00 resistance soon to avoid losses.