Technically, the 2-hour chart indicators have reached overbought levels, but showing no sign of a correction.
Ether Price to Continue Higher?
In yesterday’s analysis, we discussed how the $100.00 target looks a real possibility in ETH/USD, considering the current trend. The pair gained momentum during the past two sessions, and surpassed the $89.20 high.
The best part was Ether price breaking an important milestone level at $100.00 (market average). A new all-time high was formed at $103.67 from where a short-term correction was initiated.
The ETH/BTC pair also enjoyed more than 10% gains, and was seen trading above 0.060BTC. The overall market sentiment for Ether is bullish, and there are chances of further upsides in the near term.
Looking at the 2-hour chart, there is a minor rejection scenario near $100.00, but it may not last long. On the downside, there is a bullish trend line formed with support at $95.00. It also represents the 23.6% Fibonacci retracement level of the last wave from the $81.00 low to $103.00 swing high.
However, the most important support is formed near $82.00-80.00. The stated levels may now act as a pivot zone, and can be considered as a strong barrier for a downside move.
When we move to the 6-hour chart, it looks like the ETH/USD pair has started a consolidation around the $100.00 level. An initial range support is found just above $95.00, and may play a major role in today’s price action.
There is also a major bullish trend line reaching $95.00, suggesting the importance of the mentioned level. Overall, there can be a minor dip in ETH/USD, but the $95.00 support level might hold losses in the short term, spurring an attempt to move towards $105.00.