Ether is gaining bullish momentum against the US dollar. ETH/USD formed a support base near $365.00 but a break above $420.00 is required to continue the trend.
Ether’s price is recovering and is placed comfortably above the $390.00 support against the US dollar.
There is a crucial range formed with support at $365.00 and resistance near $420.00 on the 2-hour chart of ETH/USD.
ETH/BTC is struggling to surmount the 0.0550BTC level.
Technically, the 2-hour chart indicators just moved into the bullish territory.
Can ETH/USD Push Through?
Yesterday, we discussed an upside break in ETH/USD above the $380.00 resistance level. Later, the pair traded higher and succeeded in moving above the $400.00 handle.
On the contrary, there was no major upward movement in ETH/BTC, as the pair failed to gain pace above the 0.0550BTC pivot level. It may correct a few points in the near term toward the 0.0520BTC support.
Starting with the 30-minute chart of ETH/USD, there are many bullish signs above the $390.00 level. The pair recently broke the $400.00 resistance and traded as high as $407.17 before facing a short-term resistance.
It seems like there is an ascending channel forming with support at $400.00 and resistance near $407.00-408.00. Below $400.00, there is another key support at $390.00.
Should the price start a downward correction, the $400.00 and $390.00 support levels will most likely protect declines. Below $390.00, the price could retest $380.00.
Moving up to the 2-hour chart of ETH/USD, the pair seems to be preparing for further gains toward the $420.00 resistance. Overall, there is an important range formed with support at $365.00 and resistance near $420.00.
The $365.00-420.00 range could play a significant role in the near term. The next break, either above $420.00 or below $365.00, could set the tone for a larger wave.
The current price action is positive and it seems like Ether may continue to trade in a range before making an attempt to breach the $420.00 resistance.
Important Resistance Levels
$408.00 and $420.00
Important Support Levels
$390.00 and $365.00
The RSI is currently correcting lower from the 75-80 levels.
The MACD is gaining 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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