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The price of Ether has recently recovered over $ 115.00 from the US dollar. The ETH / USD must exceed the resistance of $ 121.00 and $ 125.00 for further disadvantages.
Key points
The price of Ether found support near $ 112.00 and rebounded against the US dollar.
ETH / USD broke a bearish structure with resistance to $ 116.00 on the hourly chart of Eth / USD.
ETH / BTC is currently consolidating above the 0.0280BTC support.
Technically, hourly hourly indicators have risen higher in bullish territory.
Price analysis of the ether
Yesterday we discussed that ETH / USD must break resistance levels $ 115.00 and $ 117.00 to return to a positive zone. The pair formed a solid support near $ 112.00 and then rebounded above $ 115.00.
ETH / BTC have established themselves above the 0.0280BTC support and are currently consolidating. A break above the resistance 0.0285BTC is required for a new rise above the resistance of 0.0300BTC.
Looking at the ETH / USD time table, the pair started a major downtrend from the low of $ 126.78. Ether refused heavily and traded below $ 120.00 and $ 115.00 support levels below. Buyers appeared near the $ 112.00 level and defended losses.
A support base formed and the price started a nice upward move above the resistance of $ 115.00 and the Fibonacci retracement level of 23.6% from the recent slide from $ 126.78 up to $ 111 , 57 below.
More importantly, the price broke a bearish structure with resistance to $ 116.00 on the same chart, opening the door for further gains. The price of Ether has risen above the $ 120.00 level and the Fibonacci retracement level of 50% of the recent slide.
Turning to the 6-hour chart of Eth / USD, the pair is facing a tough challenge near the $ 120.00-121.00 zone. Also, there is a bearish trend line formed, with resistance at $ 125.00.
To rebound further, the price must break resistance levels $ 121.00 and $ 125.00, beyond which the next major obstacle is close to the $ 130.00 level. On the downside, initial support is $ 116.00 and $ 115.00. The current price action is positive as long as Ether exceeds support levels of $ 115.00 and $ 112.00.
Important resistance levels
$ 121.00 and $ 125.00
Important support levels
$ 115.00 and $ 112.00
RSI timetable
The RSI is currently well above level 60.
MACD time
The MACD is positioned well in the bullish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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