February 20, 2018 4:43 PM
Ether is consolidating in a limited range against the US dollar but it is under pressure versus bitcoin. ETH/USD is likely approaching a break with resistance at $960.00.
Ether traded in a small range during the past three sessions above the $900.00 support against the US dollar.
There is an ascending channel forming with support at $915.00 on the 2-hour chart of ETH/USD.
ETH/BTC failed to hold the 0.0850BTC support and is heading toward 0.0800BTC.
Technically, the 6-hour chart indicators are losing momentum in the bullish territory.
Can ETH/USD Move Higher?
The past few sessions were mostly quiet for ETH/USD as the pair traded in a range below the $950.00-960.00 resistance area. Luckily, it remained above the $900.00 support zone.
However, ETH/BTC was under a lot of pressure and it failed to stay above the 0.0850BTC support. It seems like the pair may decline further and it could soon test 0.0800BTC.
Looking at the 6-hour chart of ETH/USD, the pair is following a slow and steady uptrend. There are two bullish trendlines forming with support around $910.00. Ether is facing a tough resistance near the $980.00-990.00 levels.
The pair may soon make the next move either above the $980.00 resistance or below the $910.00 support. A break and close below $910.00 may perhaps initiate a fresh downward wave, in which case, Ether’s price could trade back toward the $800.00 level.
On the flip side, a break above the $980.00 resistance could push the price above the $1,000.00 level. Moving down to the 2-hour chart of ETH/USD, there is an ascending channel forming with support at $915.00. On the upside, the channel resistance at $960.00 is near a connecting bearish trendline on the same chart.
In the short term, the price will most likely follow the channel and consolidate above $910.00. An acceleration through $960.00 could indicate a rally up to the $980.00 region, where the pair topped recently. Below $930.00, the next supports today would be at $915.00 and $910.00.
Important Resistance Levels
$960.00 and $980.00
Important Support Levels
$930.00 and $915.00
The RSI is currently just below the 50 level.
The MACD is losing momentum 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
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