ETH/USD Forecast: Buyers To Take Center Stage
|The ETH/USD pair mostly traded in a range with support at $88.00and resistance near $92.00-93.00.|
|Looking at the 2-hour chart, the pair is attempting a break above a major bearish trend line at $92.00.|
|The ETH/BTC declined by roughly 5% due to a sharp increase in Bitcoin price against most its peers.|
Technically, the 2-hour chart indicators are about to break above their mid-lines, which is a positive sign.
Can Ether Price Move Past $95.00?
In yesterday’s analysis, we saw how Ether reversed course against the US Dollar and Bitcoin. Later, the price mostly traded in a range with a decent support at $88.00 in ETH/USD.
On the other hand, Ether price was down against Bitcoin, mainly due to BTC gaining traction against most its peers. The ETH/BTC pair weakened from 0.051BTC to 0.048BTC, as buyers were pressured.
However, the overall market sentiment is stable, and slowly improving in favor of buyers. Looking at the 30-min chart of ETH/USD, there are a few important levels to take note.
On the downside, the $88.00 level is acting as a nice support and preventing declines in the short term. On the upside, the pair is facing two resistances - $92.00 and $93.00. The pair recently broke a bearish trend line at $90.20, which is an initial sign of a bullish break.
The pair is also attempting a close above the 50% Fibonacci retracement level of the last decline from the $93.04 high to $88.63 low. We need to keep a close watch on the top resistance at $93.00.
A clear break above $93.00 may give an upper hand to buyers. The next major resistance in the mentioned scenario would be $98.00-100.00
The 2-hour chart of ETH/USD suggests that the pair is attempting a crucial upside break above a bearish trend line around $92.00. If buyers succeed, it might open the doors for further gains towards $98.00-100.00 in the near term.