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.