Ether’s price is holding bullish bias against the US dollar and bitcoin. ETH/USD must stay above $550.00 to recover past $585.00 in the near term.
Ether’s price traded higher and temporarily challenged the $585.00 resistance against the US dollar.
A new connecting bearish trendline is forming with resistance at $580.00 on the 2-hour chart of ETH/USD.
ETH/BTC is stable near the 0.0750BTC pivot level with a positive angle.
Technically, the 2-hour chart indicators have moved into the bullish territory.
Ether Price Analysis
Yesterday, we noted that a successful daily close above the $550.00 pivot could advance the price of Ether. The pair did close above $550.00 and traded above the $570.00 resistance level.
On the other hand, ETH/BTC remained in a range around the 0.0750BTC support. There was a push toward 0.0770BTC, but buyers failed to gain bullish momentum.
Looking at the 6-hour chart of ETH/USD, the pair started a decent upward move after it formed a base at $505.00. It broke a key bearish trendline with resistance at $550.00 to move into a bullish zone. Additionally, Ether’s price settled above the 23.6 percent Fibonacci retracement level of the last drop from the $722.63 high to $505.669 low, which is a positive sign.
However, the upside move was capped by the 38.2 percent Fibonacci retracement level of that drop, near $585.00-587.00. Moreover, there is a new connecting bearish trendline forming with resistance at $580.00 on the 2-hour chart of ETH/USD.
A successful break above the trendline resistance and the recent high at $585.02 could clear the path for further recoveries in Ether. To the topside, the next major hurdle for buyers is near $600.00 and $605.00.
Further above $605.00, the price may perhaps surge toward the $650.00 resistance. But a sustained weakness below the $550.00 support could pave the way for an extension of ETH/USD’s corrective slide toward the $540.00 level.
Important Resistance Levels
$580.00 and $600.00
Important Support Levels
$550.00 and $540.00
The RSI is now placed above the 55 level.
The MACD is slowly 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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