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The price of Ether could continue to rise higher than the US dollar and bitcoin. The ETH / USD could exceed the resistance zone of $ 220.00 in the short term.
Key points
The price of Ether has reacquired a bullish bias and exceeded $ 215.00 against the US dollar.
ETH / USD retested the previous resistance area near $ 207.00 and recovered.
ETH / BTC gains extended and traded above resistance levels 0.0325BTC and 0.0330BTC.
Technically, the 6-hour chart indicators are increasing in bullish territory.
Price analysis of the ether
Yesterday we discussed that the ETH / USD could resume its move upwards towards the $ 215.00 level. The pair found support near $ 207.00 and moved higher once again. The current market sentiment is positive and it seems that Ether can continue to rise to $ 218.29 or $ 220.00.
ETH / BTC started a solid move upwards after breaking the 0.0320BTC key resistance. The pair recently shifted even higher and eliminated resistance levels of 0.0325BTC and 0.0330BTC. The next major obstacle for buyers is 0.0350BTC.
Starting with the 6-hour chart of Eth / USD, the pair gained momentum after breaking a downtrend line, with resistance at $ 203.00. He opened the door for further gains and the price exceeded the resistance zone $ 207.00-207.50.
The price traded up to $ 218.29 and subsequently corrected lower. It fell below $ 210.00, but the previous resistance near $ 207.00 represented solid support. Ether rebounded and traded above $ 210.00 and $ 215.00 levels.
On the upside, an immediate resistance is close to the $ 218.00 level, above which the price will most likely rise above the resistance of $ 220.00. The main obstacle for the current wave waits around $ 225.00 (one of the main areas of rotation).
Coming down to the 30-minute chart of Eth / USD, the pair recently attempted to cancel a resistance trendline at $ 216.40, but buyers failed to gain momentum. On the downside, initial support is $ 213.00 and an uptrend line.
Below the trendline, the next support is around $ 211.00 (the previous resistance). In large part, Ether's price is trading in a bullish zone and could continue to rise towards $ 220.00 or even $ 225.00.
Important resistance levels
$ 218.00 and $ 220.00
Important support levels
$ 211.00 and $ 207.00
6 hours RSI
The RSI is now well above level 50.
MACD at 6 hours
The MACD is gaining momentum 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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