[ad_1]
Ether's price traded to new monthly highs against the US dollar and bitcoin. ETH / USD is currently correcting earnings, but remains well supported on the downside.
Key points
The price of Ether was traded further above $ 220.00 before correcting the decline against the US dollar.
The ETH / USD is approaching an uptrend line and support is close to $ 217.00 on the 2-hour chart.
ETH / BTC is consolidating gains above the 0.0330BTC level.
Technically, the 2-hour chart indicators are correcting lower in bullish territory.
Price analysis of the ether
Yesterday we discussed the fact that ETH / USD is trading in a bullish zone and could continue to rise towards $ 220.00 or $ 225.00. The pair climbed higher and traded the new monthly high at $ 223.86 before starting a downward correction.
ETH / BTC has stabilized above the 0.0330BTC level and currently consolidates gains. The pair can correct some short-term points towards 0.0320BTC before it gets even higher.
Looking at the 30-minute chart of Eth / USD, the pair has gathered beyond the resistance levels $ 215.00 and $ 220.00. A new monthly maximum was formed at $ 223.89 and thereafter the price was corrected lower. Ether refused and traded below the $ 220.00 support and a bullish trend line.
The price even fell below the Fibonacci retracement level of 23.6% from the recent rise from the low of $ 208.43 to a maximum of $ 223.89. However, there are two strong supports positioned near $ 217.00 and $ 215.00.
The 2-hour chart also indicates the importance of support for $ 217.00 and a confident trendline around the same area. Therefore, the price of Ether is likely to rebound above $ 220.00 until there is a 2-hour closing below the $ 217.00 support.
If buyers gained the pass above the resistance of $ 220.00, the price would probably break the maximum of $ 223.89 in the next sessions. In contrast, a downside break below $ 217.00 could push the price towards $ 215.00 support and the Fibonacci retracement level to 50% of the recent rise.
The current technical structure on the 2-hour chart suggests a short-term bearish wave before Ether begins a new upward move above $ 220.00.
Important resistance levels
$ 220.00 and $ 225.00
Important support levels
$ 217.00 and $ 215.00
2 hours RSI
The RSI is moving further down to level 55.
MACD at 2 hours
The MACD is slowly reducing its bullish bias.
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.
ETHNews is committed to its editorial policy
Do you like what you read? Follow us on Twitter @ETHNews_ to get the latest news on Ether Price, Ether and Ethereum Analysis.
disavowal
The content of ETHNews.com is provided for informational purposes only and is not intended as a financial or other advice. You do not have to rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decisions made by you. You are responsible for your investment research and investment decisions.
[ad_2]
Source link
