Ether’s price is showing positive signs above $202.50 against the US dollar. ETH/USD could recover further if it breaks the $206.00 and $208.00 resistances.
Ether’s price formed support at $201.00 and climbed higher against the US dollar.
ETH/USD is attempting a close above a major bearish trendline with resistance at $202.50 on the 2-hour chart.
ETH/BTC remained confined in a range and is preparing for the next move.
Technically, the 2-hour chart indicators are rising higher toward midlines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed that ETH/USD’s market sentiment is short-term bearish unless buyers push the price above the $203.00, $205.00, and $206.00 resistance levels. The pair did trade higher recently, above $206.00, but it quickly trimmed gains.
ETH/BTC remained in a tight range below the 0.0318BTC resistance. It seems like the pair is preparing for a major break, which could be either above 0.0320BTC or below 0.0310BTC.
Starting at the 2-hour chart of ETH/USD, the pair formed a decent support near the $201.00 level and started an upward move. Ether traded higher and broke the $203.00 and $205.00 resistance levels.
There was also a break above the 50 Fibonacci retracement level of the last decline from the $209.50 high to $200.55 low. However, the price failed to hold gains above the $205.00 level and is currently attempting a close above a major bearish trendline, with resistance at $202.50.
It seems like the price was rejected near the 76.4 Fibonacci retracement level of the last decline and the $206.00 resistance zone. Therefore, to regain bullish momentum, the price must settle above the $206.00 resistance.
The 30-minute chart of ETH/USD indicates that the pair jumped sharply above the $202.50-203.00 resistance, but it failed to hold gains. A high was formed at $207.01; later, the price reversed more than 50 percent of the gains.
To the downside, Ether’s price is likely to find support near the previous resistance at $202.50-203.00, below which the $201.00 support could protect declines in the near term.
Important Resistance Levels
$205.00 and $206.00
Important Support Levels
$202.50 and $201.00
The RSI is moving lower toward the 50 level.
The MACD is currently reducing its bullish 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 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.