Ether is looking to gain upward momentum against the US dollar and bitcoin. ETH/USD could continue to move higher and challenge $900.00.
Ether is showing signs of further growth above $850.00 against the US dollar.
ETH/USD is currently consolidating around a crucial pivot zone near $820.00-840.00 on the 6-hour chart.
ETH/BTC is back above the 0.1000BTC level and is gaining momentum.
Technically, the 2-hour chart indicators are placed nicely in the bullish territory.
Ether’s Uptrend is Intact
Yesterday, we discussed that ETH/USD is trading in the bullish zone above the $750.00 and $800.00 support levels. The pair remained above these supports and it seems like it will soon gain momentum.
More importantly, ETH/BTC completed a short-term correction and moved back above the 0.1000BTC level. The pair will most likely continue to move higher as long as the 0.0980BTC support is intact.
Starting with the 6-hour chart of ETH/USD, the pair formed a solid bullish pattern at $564.11 and began an upward move. At present, it is trading near a crucial pivot zone at $820.00-860.00.
The next important resistance is the 50 percent Fibonacci retracement level of the last major drop from the $1,238.92 high to $564.11 low at $900.00.
However, a daily close above $840.00 would be a great bullish sign and Ether’s price may go on to target the $1,000.00 barrier on the upside. Dropping down to the 2-hour chart of ETH/USD, it seems like the pair is closing above a bearish trendline with resistance at $810.00.
If the price starts a downward correction, it would likely find a strong support at $800.00. Below the mentioned $800.00, the price could retest the $750.00 support zone.
Overall, the price action is positive and it’s expected that ETH/USD will push above $840.00 and $860.00 in the near term. Important supports on the downside are $800.00 and $750.00.
Important Resistance Levels
$840.00 and $900.00
Important Support Levels
$800.00 and $750.00
The RSI is above 50 and is currently moving higher toward 70.
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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