Ether is eyeing an upside break against the US dollar. ETH/USD will need to gain momentum above $1,100.00 to capitalize on the recent recovery.
Ether is trading in range above the $1,000.00 level against the US dollar.
There is a contracting triangle forming with resistance at $1,100.00 on the 2-hour chart of ETH/USD.
ETH/BTC seems to be struggling to hold gains above the 0.0900BTC level.
Technically, the 2-hour chart indicators are showing signs of consolidation in the bullish territory.
ETH/USD to Settle above $1,100?
The past few sessions were mostly quiet as there was no major movement in ETH/USD. The pair traded within range, remaining stable above the $1,000.00 support area.
On the other hand, ETH/BTC failed to hold ground, moving below the 0.0900BTC support. It seems like the pair is in the third wave of correction, which may well test the 0.08500BTC level.
Looking at the 2-hour chart of ETH/USD, there is a contracting triangle forming with resistance at $1,100.00. The last 7-8 candles suggest that the pair is in a consolidation phase and is preparing for the next move.
The mentioned $1,100.00 resistance holds a lot of importance, as it represents the 50 percent Fibonacci retracement level of the last drop, from the $1422.48 high to $763.73 low.
A successful 2-hour close above the $1,100.00 range resistance will most likely place Ether’s price in the bullish zone for further upsides. The next major resistance is at $1,200.00 and $1,220.00.
On the downside, the range support is at $1,030.00. Below $1,030.00, the $1,000.00 level is a crucial support. The current price action is positive as long as ETH/USD is trading in the mentioned $1000.00-$1,100.00 range.
Overall, market sentiment is stable, but the price has to settle above the $1,100.00 level during the upcoming sessions. If it fails, there is a risk of a downside move in the near term.
Important Resistance Levels
$1,100.00 and $1,200.00
Important Support Levels
$1,030.00 and $1,000.00
The RSI is moving higher toward the 60 level.
The MACD is showing a few positive signs 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
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.