Ether’s price is in an uptrend against the US dollar and bitcoin. ETH/USD must clear the $550.00 resistance to accelerate gains in the near term.
Ether’s price is positioned nicely in a bullish zone above $520.00 against the US dollar.
A contracting range is formed with support at $520.00 and resistance near $550.00 on the 2-hour chart of ETH/USD.
ETH/BTC is likely to move past the 0.0800BTC resistance during the following sessions.
Technically, the 6-hour chart indicators crawled back into the bullish territory.
Ether Price Analysis
The past few sessions were mostly positive with ranging moves in ETH/USD above the $520.00 support level. The pair is positioned for a bullish break if Ether buyers succeed in clearing the $550.00 resistance.
Similarly, ETH/BTC extended its range below the 0.0800BTC resistance. An upside break is likely as long as the pair is holding the 0.0780BTC support.
The 6-hour chart of ETH/USD indicates that the pair started a slow and steady rise after forming a bottom at $450.60. It broke the $500.00 resistance and settled above the 38.2 percent Fibonacci retracement level of the last decline from the $628.21 swing high to the $450.60 bottom.
The pair is currently following a solid bullish trendline with support at $510.00 on the same chart, while significant resistance awaits near $575.00. Looking at the current price action, it seems like Ether could continue to move higher toward $575.00 before seeing a downward correction.
Dropping down to the 2-hour chart of ETH/USD, the pair is clearly struggling to break the $550.00 barrier. However, there is a contracting range forming with support at $520.00 and resistance near $550.00.
A successful close above the range resistance may perhaps open the doors for a test of $575.00. Conversely, a bearish break below $520.00 could push Ether’s price toward the $510.00 support zone, which could lead to further losses.
Important Resistance Levels
$550.00 and $575.00
Important Support Levels
$520.00 and $510.00
The RSI has moved above the 50 level, but there are signs of weakness and divergence.
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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