Ether is slowly gaining bullish momentum against the US dollar. ETH/USD is facing a tough challenge near a breakout resistance level at $875.00.
Ether is holding a major support near $850.00 against the US dollar.
There is a breakout pattern forming with support around $855.00 on the 2-hour chart ETH/USD.
ETH/BTC is consolidating losses above the 0.0800BTC level and it may correct higher.
Technically, the 2-hour chart indicators are once again in the bullish territory.
ETH/USD Could Break Higher
There was no major move during the past three sessions in ETH/USD. The pair mostly consolidated and it was successful in staying above a major support area of $850.00-855.00.
ETH/BTC seems to be consolidating losses above the 0.0800BTC level. As long as the pair is above 0.0800BTC, it may perhaps start a fresh upward move toward 0.0850BTC.
Starting with the 2-hour chart of ETH/USD, there is a crucial bullish trendline forming with support at $855.00. The pair recently tested the same trendline and started a renewed upward move above $860.00.
There is a connecting bearish trendline forming with resistance at $875.00. Therefore, there seems to be a key breakout pattern developing with support at $855.00 and resistance near $875.00.
A successful 2-hour close above the $875.00 resistance could open the door for rallies toward the $910.00 resistance, above which, the pair would most likely accelerate toward $950.00.
On the other hand, a break below the $855.00 support would push Ether’s price into a short-term downtrend toward $800.00. On to the 30-minute chart of ETH/USD, there is a similar breakout structure forming.
Resistance sits at $873.00 and support is at $862.00. Therefore, we need to monitor the stated breakout levels carefully for the next move.
Overall, the short-term price action is positive, which suggests that Ether will likely make an attempt to break the $875.00 resistance. A failure to break $875.00 could kick-start a new regressive reaction back toward $855.00 and $800.00.
Important Resistance Levels
$875.00 and $900.00
Important Support Levels
$855.00 and $850.00
The RSI is moving higher toward the 65-70 levels.
The MACD is gaining momentum in the bullish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
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