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Ether's price is holding key supports against the US dollar and bitcoin. However, ETH / USD remains at risk of further decreases as long as it is less than $ 420.00 and $ 450.00.
Key Points
Ether buyers are fighting hard to maintain $ 400.00 support against the US dollar. [19659004] A significant bearish trend line is formed with a resistance of $ 450.00 on the daily chart of Eth / USD.
ETH / BTC recovered and moved above the resistors 0.0570BTC and 0.0580BTC.
Technically, the daily chart indicators are heavily positioned in bearish territory.
Weekly analysis of the price of the ether
Last week there was a sharp increase in selling pressure on Ether. The ETH / USD fell below the $ 450.00 and $ 420.00 support and even exceeded the $ 400.00 limit before starting a consolidation phase.
Likewise, there were heavy losses in ETH / BTC. The pair traded a few points below the 0.0550BTC support before recovering above 0.0580BTC. It may possibly operate in an interval below 0.0600 BTC before making the next move.
Let's take a look at the daily chart of Eth / USD to understand the recent fall. The price failed to break a major resistance close to $ 480.00 and started a bearish move. He refused and broke a crucial uptrend line with support for $ 460.00.
It appears that Ether's price has failed near a significant bearish trend line with current resistance at $ 450.00. During the decline, the price stabilized below $ 420.00 and traded at a new multi-month low at $ 397.79.
The price is currently consolidating losses above $ 400.00 and may correct some points in the short term. The 2-hour chart indicates that there are many bearish resistance and trend lines positioned below $ 420.00.
Therefore, to begin a short-term bullish wave a 2-hour closure over the resistance of $ 420.00 is required. In the mentioned scenario, the price could eventually adjust to the resistance of $ 450.00 (bearish trendline on the daily chart).
On the other hand, if Ether could not break the resistance of $ 420.00, the price could slip further below the $ 400.00 level. To sum up, the ETH / USD is trading close to a major range between $ 400.00-420.00 and the next move will depend on the fact that buyers are able to push the price above $ 420.00.
Weekly Resistance Levels
$ 420.00 and $ 450.00
Weekly Support Levels
$ 400.00 and $ 365.00
Daily RSI
L & # 39; RSI is slowly recovering from oversold levels.
Daily MACD
The MACD is heavily positioned 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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