Ether’s price is preparing for the next move against the US dollar and bitcoin. ETH/USD is likely to make the next move above the $225.00 and $230.00 levels.
Ether’s price remained confined in a tiny range above $220.00 against the US dollar.
ETH/USD is trading inside a crucial triangle with resistance at $223.00-225.00 on the 6-hour chart.
ETH/BTC is forming a consolidation pattern between 0.0330BTC and 0.0350BTC.
Technically, the 6-hour chart indicators are slowly recovering higher in the bearish territory.
Ether Price Analysis
During the past few sessions, there was no major move in ETH/USD, and the pair mostly traded in a tiny range above the $215.00 support level. On the upside, there are crucial resistances formed near $224.00, $225.00, and $230.00.
ETH/BTC is trading near the 0.0340BTC support, with a neutral bias. On the upside, the price has to break the 0.0350BTC resistance to move into a bullish zone. The key support for buyers is near the 0.0330BTC level.
Looking at the 6-hour chart of ETH/USD, the pair seems to be preparing for the next major break either above the $230.00 level or below the $218.00 level since Ether is trading in a significant triangle.
The triangle is contracting and is about to pave the way for the next break, which could be above the $225.00 and $230.00 resistance levels. If Ether buyers gain momentum above the $230.00 resistance, the price is likely to accelerate upsides toward the $250.00 and $275.00 levels.
On the flip side, a downside break below the $220.00 and $218.00 support levels may possibly push the price back in a bearish zone. The next main supports are near the $210.00 and $205.00 levels.
Dropping down to the 2-hour chart of ETH/USD, the pair is attempting a close above a major bearish trendline with resistance at $223.00. A successful close above the trendline is likely to increase chances of an upside break above the $230.00 resistance in the near term.
Overall, Ether’s price is set for the next wave either above $230.00 or below $218.00 in the coming sessions.
Important Resistance Levels
$225.00 and $230.00
Important Support Levels
$218.00 and $210.00
The RSI is moving higher toward the 40 level.
The MACD is slowly decreasing 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.
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