Technically, the 2-hour chart indicators moved further higher into bullish territory.
Ether Price Analysis
In the weekly analysis, we discussed a few important supports for ETH/USD near the $85.00, $82.00, and $80.00 levels. The pair stayed above the $85.00 support and recently broke the $88.00 and $90.00 resistances.
ETH/BTC remained confined in a tiny range above the 0.0260BTC support. The pair seems to be preparing for the next break either above 0.0270BTC or toward 0.0250BTC in the near term.
Looking at the 2-hour chart of ETH/USD, the pair corrected lower from the $88.00 resistance and tested the $85.00 support. Buyers protected declines below $85.00, and the price later jumped above the $88.00 and $90.00 resistance levels.
Additionally, there was a break above a key bearish trendline with resistance at $87.50 and the 50 Fibonacci retracement level of the decline from $100.32 to $82.12. Ether traded close to the $92.50 resistance and is currently correcting lower.
The first support on the downside is at $87.50 (the previous resistance), below which there is a connecting bullish trendline at $86.00. Moving down to the 30-minute chart of ETH/USD, it seems like buyers took control after clearing the $88.00 resistance and a bearish trendline.
The price is currently consolidating above $90.00 and remains supported on dips near $90.00, $88.00, and $87.50. The main support and pivot area is formed at $85.00, below which the price could move back in a bearish zone.
To the topside, an immediate resistance is at $92.50 followed by the 61.8 Fibonacci retracement level of the decline from $100.32 to $82.12. Finally, the key hurdles for a larger upward move are $98.00 and $100.00.