ETH/USD Forecast: Ether Preparing For Next Wave
|The ETH/USD pair slowly gained momentum intraday, trading above the $92.00 resistance.|
|Yesterday’s highlighted bearish trend line at $92.00 on the 2-hour chart was cleared during the upside.|
|The ETH/BTC pair overcame bearish pressure, helping to improve overall market sentiment.|
Technically, the 2-hour chart indicators moved above their mid-lines, signaling a shift in the market sentiment.
Ether Price to Gain Momentum
In yesterday’s analysis, we saw two important resistance levels in ETH/USD - $92.00 and $93.00. Ether was able to move above the first resistance, which is a good sign.
Additional, Ether price jumped against Bitcoin, igniting a substantial recovery in ETH/BTC.
As a result, the overall market sentiment improved for both ETH/USD and ETH/BTC. When we look at the 30-min chart of ETH/USD, there was a clear break and close above $92.00.
The pair even attempted a close on the $93.00 resistance, but failed. It is currently consolidating in a range above the $92.00 support. The stated support also represents the 23.6% Fibonacci retracement level of the last wave from the $88.63 low to $93.62 high.
Below $92.00, there is a connecting bullish trend line formed with support around $91.00, coinciding with the 50% Fibonacci retracement level of the last wave from the $88.63 low to $93.62 high.
The pair remains well supported on the downside, with supports as $92.00 and $91.00. As long as the price stays above these, it may soon break $93.00 and look to trade above $95.00.
The 2-hour chart of ETH/USD points to an important break above the two bearish trend lines, starting at $91.00. Though momentum is still lacking, all signs on both 30-min and 2-hour chart are positive, and calling for an upside push in the near term.