The price of Ether is likely to rise to new weekly highs against the US dollar and bitcoin. ETH / USD remains supported on declines near the $ 225.00 and $ 220.00 levels.
The price of Ether rallied above the resistance of $ 225.00 and tested $ 230.00 against the US dollar.
ETH / USD is still trading within a major triangle, with resistance at $ 228.00 on the 6-hour chart.
ETH / BTC is moving slowly towards the resistance 0.0350BTC.
Technically, the hourly chart indicators are moving well in bullish territory.
Price analysis of the ether
There was a reasonable upward move above the resistance of $ 225.00 in ETH / USD. The pair even surpassed the resistance of $ 230.00, but failed to keep gains and reached a maximum of $ 231.65.
ETH / BTC also moved higher and positioned above the 0.0340BTC support. The pair could continue to move higher towards the short term resistance 0.0350BTC.
Starting with the ETH / USD time table, the pair rebounded well from the $ 220.00 support area. The upward move was positive as the price broke the resistance level of $ 225.00. It even exceeded the resistance of $ 230.00, but buyers failed to keep earnings.
Subsequently, the price started a downward correction and fell below the $ 228.00 level. There was a test of the Fibonacci 23.6 retracement level of the last wave from the low of $ 215.99 to $ 231.65 high.
On the downside, there is a decent format support near the $ 225.00 level and a bullish trendline on the same chart. Below the trendline, the next support is close to the $ 220.00 level and the 50 Fibonacci retracement level of the last wave from the low of $ 215.99 to $ 231.65 high.
Turning to the 6-hour chart of Eth / USD, the pair is still trading in a crucial contractual triangle with resistance to $ 228.00 and support for $ 220.00.
Therefore, sooner or later, the price of Ether will probably make the next move above $ 230.00 or under $ 220.00. The current price action indicates that Ether buyers could gain control over the $ 228.00 and $ 230.00 levels in the next sessions.
Important resistance levels
$ 228.00 and $ 230.00
Important support levels
$ 225.00 and $ 220.00
The RSI is moving further down to level 50.
The MACD is 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.
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