Ether’s price is trading in a tiny range against the US dollar and bitcoin. ETH/USD must hold the $600.00 support to accelerate gains above the $615.00 resistance.
Ether’s price is confined in a range above the $600.00 support level against the US dollar.
A contracting triangle is formed with resistance near $615.00 on the 2-hour chart of ETH/USD.
ETH/BTC extended its range below the 0.0800BTC resistance.
Technically, the 2-hour chart indicators are placed nicely in the bullish territory.
Ether Price Analysis
Yesterday, we discussed a major breakout pattern with resistance near $610.00 and support around $600.00. During the past three sessions, there was no crucial break and the price was confined in a range below the $610.00 and $615.00 resistance levels.
Similarly, ETH/BTC did not move above the 0.0800BTC resistance. The pair is currently consolidating with a key resistance at 0.0800BTC and support near 0.0780BTC.
Starting with the 30-minute chart of ETH/USD, the pair dipped toward the $605.00 level where buyers appeared. The downside move was protected by the 50 percent Fibonacci retracement level of the last wave from the $593.18 low to $615.89 high.
It seems like there is a strong horizontal support forming around a bullish trendline and $605.00. On the upside, there is a key connecting bearish trendline with resistance at $610.00.
Therefore, a break and close either above $610.00 or below $605.00 could trigger the next move in Ether. A similar pattern is visible on the 2-hour chart of ETH/USD. There is a major contracting triangle forming with resistance near $615.00 and support at $605.00.
A successful 30-minute close above $610.00 followed by a 2-hour close above $615.00 may perhaps initiate the next rally in Ether’s price.
Above $615.00, the next resistance is around the recent high at $628.00. However, a bullish breakout in the upcoming sessions might place the price on a path toward $650.00.
The overall market sentiment is positive as long as Ether stays above the $605.00 and $600.00 support levels. If not, the price will most likely retest the $575.00 support.
Important Resistance Levels
$610.00 and $615.00
Important Support Levels
$605.00 and $600.00
The RSI is slowly moving lower toward the 55 level.
The MACD is currently flat 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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