Ether’s price is near make-or-break levels against the US dollar. ETH/USD’s struggle to break $585.00 might spark a bearish reaction in the short term.
Ether’s push remained capped near the $585.00 resistance against the US dollar.
A significant breakout pattern formed with support at $570.00 on the 2-hour chart of ETH/USD.
ETH/BTC is gaining momentum and it could soon test the 0.0800BTC resistance.
Technically, the 2-hour chart indicators are placed nicely in the bullish territory.
Ether Price Analysis
There was yet another attempt to break the all-important $585.00 resistance. ETH/USD did manage to push past it, but failed to hold gains and topped at $589.21.
On the other hand, ETH/BTC is slowly rising and it may perhaps test the 0.0800BTC resistance, above which, the pair could revisit 0.0820BTC.
Starting with the 30-minute chart of ETH/USD, the pair is trading nicely above the $570.00 and $565.00 support levels. On the upside, Ether buyers are struggling to clear the $585.00 resistance zone. A few swing highs formed near $584.00, $585.00, and $589.00, but there was no clear bullish break.
The chart indicates that the price is consolidating above the $565.00 support and it is preparing for the next wave. Moving up to the 2-hour chart of ETH/USD, there is a crucial bullish trendline in place with support at $570.00.
Should there be a break and 2-hour close below $570.00, the price could retest the $540.00 support. An intermediate support sits around the 50 percent Fibonacci retracement level of the last wave from the $505.69 high to $589.21 high at $547.00.
A 2-hour close above $585.00 is needed for further gains toward $600.00, $605.00, and $620.00. Therefore, it seems like there is a significant breakout pattern formed with support at $570.00 and resistance near $585.00.
To sum up, the forthcoming sessions could provide us the next major break in Ether. The overall market sentiment is favoring an upside break as long as the price is above $565.00, but failure to surpass $585.00 might spark a temporary bearish slump.
Important Resistance Levels
$585.00 and $600.00
Important Support Levels
$570.00 and $565.00
The RSI is currently flat near the 55 level.
The MACD is placed nicely 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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