ETH/USD is Holding a Key Support
After an upward move, ETH/USD formed a high at $894.91 before starting a downward correction. The pair traded lower and moved below the $870.00 support.
ETH/BTC tested a major support area at 0.0800BTC. Later, the pair started an upward correction and is currently approaching the 0.0840BTC level. On the upside, resistances are at 0.0850BTC and 0.0880BTC.
Looking at the 30-minute chart of ETH/USD, there was a break below a connecting bullish trendline with support at $875.00. The pair declined and moved below the $870.00 and $860.00 support levels.
It traded as low as $856.16, but it seems that the $850.00-860.00 support is holding declines and the price may increase. There is a bearish trendline with current resistance at $885.00.
An intermediate resistance is around the 50 percent Fibonacci retracement level of the recent decline from the $894.91 high to $865.16 low.
Moving up to the 2-hour chart of ETH/USD, there is a key bullish trendline forming with support at $855.00. The pair may find a strong buying interest near $855.00 and $850.00.
There is a connecting resistance trendline, which may prevent the price from approaching $900.00, and a possible contracting consolidation pattern forming with support around $850.00 and resistance near $900.00.
