Ether's price rebounded with positive moves against the US dollar and bitcoin. However, ETH / USD buyers are facing many obstacles close to $ 290.00 and $ 300.00.
Ether's price remained above the $ 250.00 support and corrected over 7% against the US dollar.
A crucial bearish trendline is positioned with resistance to $ 306.00 on the 2-hour chart of the Eth / USD
ETH / BTC has also recovered around 4% after testing the 0.0415BTC support.
Technically, the 2-hour chart indicators are close to their midline lines in the bullish territory.
Ether Price Analysis
It appears that ETH / USD buyers have been successful in defending more losses below the $ 250.00 support. The pair climbed higher and broke the resistance of $ 280.00 to move into a positive short-term zone.
ETH / BTC also found a strong buying interest around the 0.0415BTC support. The torque corrected higher and moved above the resistance levels 0.0420BTC and 0.0440BTC. The next key barriers for buyers are 0.0460BTC and 0.0485BTC.
Looking at the 30-minute chart of ETH / USD, the pair started a solid move upwards after forming support for $ 250.00-252.00. He recovered sharply and passed the $ 270.00 and $ 280.00 resistance.
Ether's price has been trading above $ 290.00 and is currently consolidating earnings. There appears to be a bullish flag pattern formed with support at $ 275.00 and resistance around the $ 290.00 mark. If the price breaks the resistance to the flag, it could exceed the recent maximum and test the resistance of $ 300.
On the contrary, a downward break under the flag support could push the price towards the support from $ 270.00 and the Fibonacci retracement level at 50% of the last wave from the minimum of $ 250.77 to a maximum of $ 294.22. Also, there is a bullish trendline with support for $ 270.00 on the same chart.
Turning to the 2-hour chart of Eth / USD, the pair formed a pair of solid green candles, but came across a major resistance around $ 290.00. More importantly, there is a crucial bearish trendline positioned with resistance at $ 306.00.
Therefore, the current rebound of Ether appears to be facing significant barriers near $ 290.00, $ 300.00 and $ 306.00. A failure to overcome the resistances mentioned could trigger a new downward move towards $ 270.00 or $ 260.00. On the other hand, a bullish break above $ 290.00 and $ 300.00 will most likely reduce the sale and Ether could accelerate higher.
Important Strength Levels
$ 290.00 and $ 300.00
Important Support Levels
$ 275.00 and $ 270.00
L & # 39; RSI is currently flat near level 50.
MACD at 2 hours
The MACD is slowly entering the bullish zone.
Aayush spent over seven years as financial markets contributor and observer. 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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