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September 27, 2018 3:19 PM
US dollar and bitcoin. ETH / USD could trade higher towards the $ 230.00 resistance in the short term.
Key Highlights
The price is higher and traded above the $ 214.00 resistance against the US dollar.
A crucial resistance is formed near $ 228.00-230.00 on the 2-hour chart of ETH / USD.
ETH / BTC is correcting higher to the 0.0340BTC resistance level.
Technically, the 2-hour chart is near the bearish territory.
Ether Price Analysis
There was a positive price action above the $ 210.00 level in ETH / USD. The pair started up and move above the $ 214.00 and $ 218.00 levels before facing sellers near the $ 220.00 level.
ETH / BTC also started correcting higher and moved above the 0.0330BTC level. Next to the next key resistance at 0.0340BTC.
Starting with the 30-minute chart of ETH / USD, the pair bounced back from the $ 210.00 support. The price is below the $ 215.00 resistance and a bearish trendline. The price also traded above the 23.6 Fibonacci retracement level of the downward move from the $ 254.66 high to $ 203.56 low.
It opened the gates for more gains, and the price tested the next resistance at $ 218.00-220.00. The current price structure is positive, but Ether seems to be struggling to surpass the $ 220.00 resistance.
The 2-hour chart of ETH / USD indicates that the pair could trade above the $ 220.00 resistance. However, there is a strength resistance near $ 230.00 and a trendish bearish at $ 228.00. More importantly, the 50 Fibonacci retracement level of the downward move is also $ 228.00.
Therefore, it will not be easy for Ether buyers to overcome the $ 230.00 hurdle. On the downside, there is a key bullish trendline on the same chart with support at $ 211.00.
Should Ether's price surpass the $ 220.00 resistance, it could test the $ 230.00 barrier. Overall, ETH / USD price is narrowing within a range pattern, suggesting a breakout is imminent either above $ 220.00 or below $ 210.00.
Important Resistance Levels
$ 220.00 and $ 228.00
Important Support Levels
$ 211.00 and $ 204.00
2-hour RSI
The RSI is struggling to break the neutral (50) level.
2-hour MACD
The MACD is about to move into the bullish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and information analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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