ETH/USD is Holding Important Support Levels
There was positive price action during the past three sessions in ETH/USD as the pair was successful in holding two important support levels near $910.00 and $900.00.
On the other hand, ETH/BTC remained in a bearish trend and declined further below 0.0880BTC. The next major support on the downside is around the 0.0850BTC level.
Starting with the 30-minute chart of ETH/USD, the pair started a new upward wave from the $906.09 low. It is currently in the third wave and is trading above the 23.6 percent Fibonacci retracement level of the last drop from the $981.64 high to $906.09 low.
More importantly, there is a rising channel forming with support at $935.00 on the same chart. The price has to break the $950.00 resistance and gain pace above the 50 percent Fibonacci retracement level of the last drop from the $981.64 high to $906.09 low.
A successful 2-hour close above the $950.00 level could push the price toward the last high of $981.64. Above $981.64, the price may perhaps break the $1,000.00 level.
On the downside, the channel support at $935.00 is an initial support. Below the mentioned $935.00, Ether’s price could retest the all-important $910.00 support (as seen in the 2-hour chart of ETH/USD).
If Ether buyers fail to defend losses below $910.00, it could initiate a fresh downward wave. In short, the price action is bullish above $910.00 in ETH/USD and the pair will most likely break $950.00 and $980.00 for further upsides.