Ether failed to stay above $420.00 against the US Dollar. ETH/USD trimmed almost all gains and declined below $405.00.
Ether’s price made a nice ascension toward the $430.00 level against the US dollar.
ETH/USD could not hold gains above the $420.00 level and declined sharply.
ETH/BTC traded higher and moved above the 0.0580BTC resistance level.
Technically, the 6-hour chart indicators faced rejection from midlines and are back in the bearish territory.
ETH/USD’s Failed Upward Move
In the weekly analysis, we discussed ETH/USD gaining bullish momentum and trading past the $420.00 resistance. The pair did move higher and broke the $420.00 resistance, but it failed to hold those gains.
On the other hand, there was a nice upward wave in ETH/BTC. The pair settled above the 0.0550BTC pivot level and traded past the 0.0580BTC resistance. The next hurdle for buyers sits at 0.0600BTC.
The 6-hour chart of ETH/USD suggests a solid support at $365.00. The pair started an upward move and broke a couple of important resistance levels at $380.00 and $400.00. The most important thing was a break above the $420.00 resistance.
However, Ether failed to hold gains above $420.00 and it was rejected from a bearish trendline with current resistance at $425.00. The current 6-hour candle is bearish and it seems like the price was rejected from the $430.00 level.
Looking at the 30-minute chart of ETH/USD, the pair made a high at $431.33 and started a sharp downward move. It declined and broke a connecting bullish trendline at $410.00. Additionally, Ether’s price moved below the $405.00 and $400.00 support levels.
An immediate support is at $392.00 followed by $390.00. Should there be a break and 2-hour close below $390.00, the price could decline further toward the $365.00 support zone.
To sum up, it appears that the last bullish wave failed to attract buyers and was rejected from a key resistance. The $390.00 support now holds a lot of importance for the next move in Ether, either above $405.00 or toward $365.00.
Important Resistance Levels
$405.00 and $420.00
Important Support Levels
$390.00 and $365.00
The RSI declined sharply from 70 and is currently below 40.
The MACD moved back in the bearish 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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