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The price of Ether is attempting a significant bullish break against the US dollar. The ETH / USD must settle above $ 202.00 to gain bullish momentum in the short term.
Key points
The price of Ether traded higher and tested $ 203.00 compared to the US dollar.
ETH / USD is testing a greater confluence area near $ 201.00-202.00 on the 6-hour chart.
ETH / BTC indicates a movement towards the resistance 0.0316BTC.
Technically, the hourly chart indicators are moving lower towards the midline in bullish territory.
Price analysis of the ether
After settling on the resistance of $ 200.00, the ETH / USD exchanged further. The pair broke the resistance of $ 201.00 and traded for resistance levels of $ 202.50 and $ 203.00.
ETH / BTC remained above the 0.0312BTC level, and it appears that the pair may continue to move higher towards the resistance levels 0.0315BTC and 0.0316BTC, which are major obstacles for buyers.
Looking at the hourly chart of ETH / USD, the pair climbed higher, with a bullish angle, from the low of $ 192.69. He broke some key resistances near the $ 197.50 and $ 200.00 levels. The ether is trading at $ 203.00 and is currently correcting further down.
The price is testing a major support area above $ 200.00 and a bullish trendline on the same chart. The Fibonacci retracement level at 23.6 of the recent rise from the $ 192.69 low to $ 203.00 at the top is around $ 200.00.
If Ether's buyers fail to defend the $ 200.00 support area, the price is likely to fall further towards the $ 197.50 support and the 50 Fibonacci retracement level of the recent move to the # 39; high.
Turning to the 6-hour chart of Eth / USD, the pair is currently testing a greater confluence area close to $ 201.00-202.00 and two downtrend lines. A successful closing of 4 hours and 6 hours above $ 202.00 is a must to stage a solid upward move in the short term.
On the contrary, the inability to close above both downward trend lines could trigger a new drop in the price of Ether. On the downside, the most important support awaits about $ 195.00, below which sellers will likely take the price to a new low below $ 192.69.
Important resistance levels
$ 201.00 and $ 202.00
Important support levels
$ 200.00 and $ 197.50
RSI timetable
The RSI is currently moving lower towards level 50.
MACD time
The MACD is positioned well 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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