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19 September 2018 15:09
Ether's price is struggling to extend gains beyond key levels compared to the US dollar and bitcoin. The ETH / USD must stay above the $ 200.00 support to recover.
Key Points
The price of Ether failed to exceed the resistance of $ 215.00 and fell against the US dollar.
A significant breakout model is forming with resistance to $ 212.00 on the 6-hour chart.
ETH / BTC is correcting to support levels 0.0320BTC and 0.0315BTC.
Technically, the 6-hour chart indicators are moving further down the bearish territory.
Ether Price Analysis
Yesterday we discussed how ETH / USD buyers should gain momentum over the resistance of $ 215.00 to push the price higher. However, the couple failed to break the resistance and started a downward correction.
In the same way, ETH / BTC was not able to delete resistances 0.0340BTC and 0.0350BTC and rejected. The pair is currently trading below 0.0330BTC and may further correct towards 0.0320BTC support.
Looking at the 2-hour chart of the Eth / USD, the pair reached a maximum of $ 215.17 and started a new bearish wave. It broke the support area of $ 210.00 and the Fibonacci retracement level of 23.6 from the recent rise from the low of $ 192.51 to $ 215.17.
The price even zeroed the support level of $ 205.00, but the 50 Fibonacci retracement level of the recent move upward acted as support near $ 203.00. On the downside, the previous resistance close to $ 200.00 is more likely to maintain the current decline.
At present, Ether's price is following a declining channel with resistance to $ 212.00 on the same chart. If buyers manage to push the price above the resistance of the channel, there could be a movement towards the top towards $ 220.00 and $ 225.00.
Turning to the 6-hour chart of Eth / USD, there is a significant breakout pattern that is formed with resistance to $ 212.00. The pair may soon make the next move above $ 212.00 or below $ 200.00 in the near term.
At top, the price could accelerate towards $ 225.00 if there is a close above $ 212.00. Conversely, a break below $ 200.00 could trigger additional drawbacks towards the $ 192.00 support.
Major Strength Levels
$ 212.00 and $ 220.00
Important Support Levels
$ 203.00 and $ 200.00
6-Hour RSI
L & # 39; RSI is currently just below level 45.
6-hour MACD
The MACD is slowly moving into the bearish 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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