Ether’s price is approaching the next key break against the US dollar. ETH/USD will either break the $280.00-290.00 resistance or decline below the $260.00 support.
Ether mostly consolidated in a range above the $260.00 support this past week against the US dollar.
Two important bearish trendlines are formed with resistance near $280.00-290.00 on the 12-hour chart of ETH/USD.
ETH/BTC almost tested the 0.0400BTC support and is currently consolidating losses.
Technically, the 12-hour chart indicators are slowly recovering in the bearish territory.
Ether Price Weekly Analysis
This past week, there was no major action as ETH/USD mostly traded in a $30.00 range. The pair stayed above the $260.00 support, but it struggled to clear a strong resistance zone near the $280.00-$290.00 zone.
On the contrary, ETH/BTC remained in a bearish zone below the 0.0450BTC resistance. The pair even failed to hold the 0.0415BTC support and traded close to the 0.0400BTC support. It is currently consolidating losses and may correct higher toward 0.0420BTC and 0.0440BTC.
Let’s start with the 12-hour chart of ETH/USD to understand the current price action above the $260.00 support area. The pair climbed higher on a few occasions, struggled to gain momentum, and formed lower highs near $321.00, $298.00, and $283.00.
More importantly, there are two important bearish trendlines formed with resistance near $280.00-290.00 on the same chart. Should there be a close above these trendlines, the price could gain momentum and trade above the $300.00 handle in the coming days.
On the downside, there is a connecting bullish trendline in place with support near $260.00, below which the price will most likely retest the $250.00 support. Any further losses may possibly increase selling pressure on Ether for a test of the $220.00 support.
Moving down to the 2-hour chart of ETH/USD, the pair seems to be trading in a range above the $270.00 support. To the topside, there is a horizontal resistance at $283.00 and a bearish trendline with resistance at $286.00.
Overall, Ether seems to be facing a lot of hurdles above the $280.00 level. A successful daily close above $280.00 and $290.00 will most likely boost bullish sentiment in the near term. If not, the price might continue to slowly decline toward the $250.00 support.
Weekly Resistance Levels
$280.00 and $290.00
Weekly Support Levels
$270.00 and $260.00
The RSI is currently near the 40 level.
The MACD has almost reduced its bearish slope.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether, Ethereum 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.