Ether’s price is showing a few positive signs against the US dollar and bitcoin. ETH/USD is facing a key hurdle on the upside near the $520.00 level.
Ether’s price recovered toward the $520.00 and $530.00 resistance levels against the US dollar.
Two bearish trendlines are in place with resistance near $550.00 on the 12-hour chart of ETH/USD.
ETH/BTC is correcting higher and is moving toward the 0.0780BTC resistance.
Technically, the 2-hour chart indicators are struggling to hold gains in the bullish zone.
Ether Price Analysis
Recently, there was an upward correction from the $460.00 swing support in ETH/USD. The pair succeeded in gaining pace above the $485.00 and $500.00 levels, but it failed to break the $530.00 resistance.
ETH/BTC started an upward correction and it managed to move above the 0.0750BTC resistance. The pair may perhaps continue to move higher in the short term toward the 0.0780BTC resistance.
Starting with the 12-hour chart of ETH/USD, there was a solid support base formed near $450.00. The pair recovered and moved above the 23.6 percent Fibonacci retracement level of the last decline from the $628.21 high to $450.60 low.
However, the price is approaching a major barrier near $530.00, above which, there are two bearish trendlines in place with resistance near $550.00 on the same chart. An intermediate resistance is close to $540.00 and the 50 percent Fibonacci retracement level of the last decline from the $628.21 high to $450.60 low.
Should there be an upward break above the $550.00 resistance, the price will most likely move into a bullish zone. Dropping down to the 2-hour chart of ETH/USD, the pair recently struggled to settle above the $520.00 and $530.00 resistance levels.
There is also a bearish trendline on the same chart with resistance at $515.00. The price is is currently below $500.00 and sliding. It could move a few points lower, but Ether buyers may return to prevent declines below $480.00.
The overall market sentiment is slightly bearish, and it seems like an upward recovery above $515.00 and $530.00 won’t be easy in the near term.
Important Resistance Levels
$515.00 and $530.00
Important Support Levels
$480.00 and $465.00
The RSI is moving lower toward the 50 level.
The MACD is slowly moving back 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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