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Ether's price is approaching the next key break against the US dollar. The ETH / USD will terminate the resistance or decline of $ 280.00-290.00 below the support of $ 260.00.
The main highlights
Ether was mostly consolidated in a range greater than the support of $ 260.00 last week compared to the US dollar.
Trend lines are formed with resistance close to $ 280.00-290.00 on the 12-hour chart of Eth / USD.
ETH / BTC almost tested the 0.0400BTC support and is currently consolidating losses.
Technically, the 12-hour chart indicators are slowly recovering in bearish territory.
Weekly analysis of the price of the ether
Last week, there was no major action since the ETH / USD was traded mostly in a range of $ 30.00. The pair remained above the $ 260.00 support, but struggled to release a strong resistance zone near the $ 280.00- $ 290.00 zone.
In contrast, ETH / BTC remained in a bearish zone under the 0.0450BTC resistance. The pair failed to maintain 0.0415BTC support and traded close to 0.0400BTC support. It is currently consolidating losses and could correct higher up towards 0.0420BTC and 0.0440BTC.
Let's start with the 12-hour chart of the ETH / USD to understand the current price action above the $ 260.00 support for the area. The pair climbed higher on some occasions, struggled to gain momentum and formed lower peaks near $ 321.00, $ 298.00 and $ 283.00.
More importantly, there are two important bearish trend lines formed with resistance near $ 280.00-290.00 on the same chart. If there was a closure above these trend lines, the price could gain momentum and exceed the $ 300.00 limit in the coming days.
On the downside, there is an uptrend line in connection with support close to $ 260.00, below which the price will most likely repeat the support of $ 250.00. Any additional losses may increase the selling pressure on Ether for a support test of $ 220.00.
Turning to the 2-hour chart of the ETH / USD, the pair appears to be in a range above the $ 270.00 support. At the top, there is a horizontal resistance at $ 283.00 and a bearish trendline with resistance at $ 286.00.
Overall, Ether seems to be facing many obstacles beyond the $ 280.00 level. Most likely a successful daily close above $ 280.00 and $ 290.00 will probably increase the bullish sentiment in the short term. Otherwise, the price may continue to decline slowly towards the support of $ 250.00.
Weekly Resistance Levels
$ 280.00 and $ 290.00
Weekly Support Levels
$ 270.00 and $ 260.00
RSI 12 Hours
The L & # 39; RSI is currently close to level 40.
MACD to 12 hours
The MACD has almost reduced its downward slope
Aayush has 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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