Technically, the indicators on the 30-min chart are turning north, which is a short-term bullish sign.
Can Ether Price Make It?
We have seen many times how Ether price struggled to clear the $7.80 and $7.90 resistance levels against the US Dollar. The price is once again trading near the same area, and attempting a break higher.
Yesterday, there was a lower low structure formed, which resulted in a new intraday low. ETH/USD declined and traded near the $7.55 support where it found bids and started recovering.
The upside move was positive, as the pair broke the 61.8% Fibonacci retracement level of the last decline from the $7.77 high to $7.56 low to register gains. At the moment, the pair is finding resistance near a bearish trend line on the 30-min chart at $7.75.
The price attempted not once but twice to break the trend line resistance, but failed. There is even a chance of a third attempt if the market sentiment remains positive.
If there is a correction, then an initial support is at $7.60, representing the 23.6% Fibonacci retracement level of the wave from the $7.56 low to $7.74 high.
Looking at the 2-hours chart, it looks like an upside move in ETH/USD won’t be easy. The pair is facing a major resistance near $7.75-80. If there a break, then another resistance is waiting on the upside in the form of a bearish trend line.
It looks like the pair may continue to consolidate for some time before making an attempt to break the $7.80 and $7.90 resistance levels.