Can Ether’s Price hold $980-1000?
There was an extension to yesterday’s decline in ETH/USD. The pair moved down and traded below the $1,010.00 support area to test the next major support at $980.00.
On the other hand, ETH/BTC extended gains above the 0.0920BTC level. It succeeded in breaking the 0.0950BTC resistance and is currently moving toward the 0.0980BTC resistance.
Looking at the 30-minute chart of ETH/USD, there was a break below a contracting triangle with support at $1,062.00. The pair struggled to settle above $1,075.00 and started a decline.
Ether even broke the $1,010.00 support, but it was able to stay above the $980.00 support. A low was formed at $986.86 and the price is currently recovering. It has moved above the 23.6 percent Fibonacci retracement level of the last decline from the $1,101.89 high to $986.86 low.
To the topside, there is a crucial resistance near $1,075.00. An intermediate resistance is near the 50 percent Fibonacci retracement level of the last decline from the $1,101.89 high to $986.86 low at $1,045.00.
The 4-hour chart of ETH/USD suggests that the pair is likely approaching a significant break in the near term either above $1,080.00 or below $980.00. There is a contracting triangle forming with a key support at $980.00.
Should there be a break below $980.00, the price could retest the $760.00 support. On the other hand, an upside break above $1,080.00 will most likely push the price toward $1,200.00.
Overall, the current bias is still positive as long as Ether’s price is above $980.00, but a break above $1,080.00 is a must to avoid further losses.
Important Resistance Levels
$1,080.00 and $1,100.00
Important Support Levels
$1,000.00 and $980.00
The RSI is approaching the 50 level.
The MACD is moving back in the bullish zone.