Ether’s price is holding key supports against the US dollar and bitcoin. ETH/USD must break the $535.00 resistance to recover further in the near term.
Ether’s price is currently consolidating losses above the $500.00 handle against the US dollar.
A crucial resistance zone is forming around $535.00-540.00 on the 30-minute chart.
ETH/BTC is slowly moving lower and it could test the 0.0750BTC support area.
Technically, the 2-hour chart indicators are moving in a range below midlines in the bearish territory.
Ether Price Analysis
There were ranging moves above the $500.00 and $510.00 levels in ETH/USD. The pair traded toward the $540.00 level where sellers appeared and protected further upsides.
ETH/BTC failed to hold the 0.0780BTC support and declined. The pair is slightly under bearish pressure and it may perhaps move down toward the 0.0750BTC support in the near term.
Looking at the 2-hour chart of ETH/USD, the pair is consolidating above the $500.00 handle. There is a contracting triangle forming with resistance near the $530.00 level and support at $515.00. The price is currently attempting a close above $530.00, but it is struggling to gain upward momentum.
A break and close above the triangle resistance could clear the path for a major push toward a trendline with resistance near $550.00 on the same chart. More importantly, the 38.2 Fibonacci retracement level of the last drop from the $628.21 high to $503.27 low is near the same trendline.
Dropping down to the 30-minute chart of ETH/USD, there is a range pattern formed with resistance near $535.00 and support at $510.00. At the outset, the pair is finding it hard to clear the range resistance, which could result in a downward move back toward the range support at $510.00.
Below the $510.00 support, the last swing low near $503.27 might provide support, followed by $500.00. The overall price structure on the 2-hour chart is still bearish, and a break above $535.00 is needed for further recoveries in the near term.
Important Resistance Levels
$535.00 and $550.00
Important Support Levels
$510.00 and $500.00
The RSI is still below the 50 level and is showing signs of weakness.
The MACD is still in the bearish 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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