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The price of Ether is preparing for the next move against the US dollar and bitcoin. ETH / USD must remain above $ 112.00 and $ 100.00 for medium-term rebound.
Key points
The price of Ether is consolidating above the $ 100.00 support against the US dollar.
A crucial breakout model is forming with resistance to $ 121.00 on the 12-hour chart of Eth / USD.
ETH / BTC is holding 0.0280BTC support and is preparing for the next move.
Technically, the 12-hour chart indicators are consolidating close to the oversold levels in the bearish territory.
Weekly analysis of the price of the ether
Last week, there were fluctuations in ETH / USD above the support level of $ 100.00. The pair failed to break resistance levels $ 121.00 and $ 125.00, resulting in short-term bearish moves.
ETH / BTC declined heavily and broke support levels 0.0300BTC and 0.0285BTC. The pair found support near 0.0278BTC and rebounded above the 0.0280BTC level. In the short term, there may be distance movements before the price rises above 0.0300BTC or 0.0280BTC.
Starting with the 12-hour chart of Eth / USD, the pair dropped sharply from the high of $ 223.86 and traded below support levels $ 200.00 and $ 150.00. Ether even traded below the $ 125.00 support and tested the $ 100.00 support area.
A new minimum of several months was formed at $ 101.09 before the price began to consolidate in a range. There seems to be a crucial breakout pattern that is formed with resistance to $ 121.00. A successful break above the resistance levels of $ 121.00 and $ 125.00 plus the Fibonacci retracement level of 23.6% of the decline from $ 223.86 high to $ 101.09 low is needed for greater push towards the top in the short term.
The next major resistance above $ 130.00 is close to the $ 160.00 mark and 50% Fibonacci retracement level. On the downside, a bearish break below the $ 100.00 support area could trigger a bad decline. The next major support awaits $ 92.00, followed by $ 84.00.
Turning to the 2-hour chart of Eth / USD, the pair is clearly struggling to break resistance levels $ 120.00 and $ 121.00. On the downside, there is a bullish trend line, with support for $ 115.00.
In the short term, the price could retest support for $ 115.00 or $ 112.00, but Ether remains supported. In the medium term, the next move may be more than $ 130.00 or less than $ 100.00.
Weekly resistance levels
$ 125.00 and $ 130.00
Weekly support levels
$ 112.00 and $ 101.00
12 hours of CSR
The RSI is currently near level 30.
MACD at 12 hours
The MACD is still in 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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