Technically, the hourly chart indicators are reaching overbought conditions.
Ether Price Resumes Uptrend
In yesterday’s analysis, we noted a couple of important points. One of them was if ETH/BTC manages to recover above 0.055BTC, it may trigger gains in ETH/USD as well in the near term.
Ether price did move above 0.055BTC against the Bitcoin, which propelled ETH/USD above a major resistance area at $82.80. As a result, a new all-time high was formed above $88.00 at $89.20 (at the time of writing).
Looking at the hourly chart of ETH/USD, the pair broke the $80.00 resistance after a 5-wave pattern inside a contracting triangle was completed.
The upside surge was impressive with nine back to back bullish candles and a chance of the count reaching eleven. We may soon witness a break above $90.00 if Ether buyers remain in action for some time.
On the downside, the same $80.00 resistance may now provide support if ETH/USD starts a correction from the $90.00-94.00 levels. To understand the recent break, let’s move to the 4-hour chart.
There was a perfect pennant pattern formed with resistance at $80.00. Ether sellers took a stand around $79.00, but failed to contain gains. As a result, there was a break above the pattern resistance, opening the doors for a move towards the last swing high at $82.80.
However, there was enough momentum to clear $82.80 for a new all-time high. Ether price soared higher and even surpassed the $85.00 level for a new high at $89.20.
To sum it up, I think the $100.00 target discussed in the weekly analysis now looks a real possibility, considering the current trend in ETH/USD.