Ether’s price is possibly forming a bullish pattern against the US dollar and bitcoin. ETH/USD will most likely break the $440.00 and $450.00 resistance in the coming days.
Ether’s price is likely forming a key bottom near the $420.00 support against the US dollar.
A significant resistance is formed near $438.00-440.00 on the 2-hour chart of ETH/USD.
ETH/BTC is poised to break the 0.0700BTC resistance for a decent recovery.
Technically, the 12-hour chart indicators are slowly recovering higher in the bearish territory.
Ether Price Analysis
This past week, there were mostly bearish moves in ETH/USD within a range above the $420.00 support. The pair is currently consolidating in a $30.00 range and is likely forming a support base for an upward move.
Similarly, ETH/BTC is consolidating losses above the 0.0680BTC support. It seems like the pair may perhaps break the 0.0700BTC resistance in the coming sessions and attempt a larger recovery.
Let’s start with the 12-hour chart of ETH/USD to understand the last week’s price action. It seems like the price was rejected from the $500.00 resistance zone, resulting in a sharp decline and close below the $450.00 support.
Ether’s price tested the $420.00 support region before starting a consolidation phase. It is currently trading in a range with support at $420.00 and resistance near $450.00. Above the range resistance, there is a connecting bearish trendline in place at $470.00.
On the downside, a daily close below the range support at $420.00 may increase bearish pressure. The next immediate support is at $405.00, below which Ether could test $400.00.
Moving down to the 2-hour chart, it seems like ETH/USD is forming a strong support near $420.00 for a bullish break. To the topside, there is a crucial resistance near $440.00 and a bearish trendline.
Should there be a 2-hour close above $440.00, Ether’s price may well gain bullish momentum toward $450.00 and $470.00. Overall, the current price action indicates that Ether sellers are losing steam, which could result in a bullish break above $440.00 and $450.00 in the coming days.
Weekly Resistance Levels
$440.00 and $450.00
Weekly Support Levels
$420.00 and $405.00
The RSI is slowly rising toward the 40 level.
The MACD is almost flat with no major negative signs.
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 Weekly Analysis 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.