Ether’s price remains well supported against the US dollar and bitcoin. ETH/USD could continue to move higher as long as it is above $510.00.
Ether’s price corrected lower and tested a major support near $520.00 against the US dollar.
A crucial bullish trendline formed with support at $510.00 on the 2-hour chart of ETH/USD.
ETH/BTC is likely preparing for an upward move above the 0.0800BTC resistance.
Technically, the 30-minute chart indicators bounced sharply in the bullish territory.
Ether Price Analysis
Yesterday, we discussed how ETH/USD could consolidate above the $520.00 level before climbing higher toward $540.00 and $550.00. The pair corrected lower recently, tested the $520.00 support, and it is currently showing signs of another upward move.
On the other hand, ETH/BTC was confined to a range near the 0.0780BTC level. It seems like the pair is preparing for a break above a key resistance zone at 0.0800BTC in the near term.
Looking at the 30-minute chart of ETH/USD, there was a downward correction after the price traded as high as $548.12. It declined and broke the $530.00 and $525.00 levels. There was even a break below the 50 percent Fibonacci retracement level of the last wave from the $515.34 low to $548.12 high.
However, the decline was protected by the $520.00 support zone. Ether’s price is currently moving higher and is attempting a close above a bearish trendline with resistance at $525.00 on the same chart.
To the topside, the $540.00 resistance zone seems to be a major hurdle for more gains in Ether. The next key resistance sits at $550.00, above which, the price will most likely accelerate gains.
The 2-hour chart of ETH/USD suggests that the pair is well supported above $500.00. More importantly, there is a crucial bullish trendline formed with support at $510.00.
Therefore, should there be a bearish extension, the price may perhaps find support near $510.00. The overall market sentiment is still positive and it seems like Ether could remain bullish during the following sessions.
Important Resistance Levels
$540.00 and $550.00
Important Support Levels
$520.00 and $510.00
The RSI tested the 50 level and is currently near 55.
The MACD is slightly placed 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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