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Ether's price is correcting higher than the US dollar and bitcoin. The ETH / USD could revisit the obstruction of $ 450.00 if it cancels the resistance of $ 420.00
Key points
The price of Ether has recovered nicely and briefly broke the resistance of $ 415.00 against the US dollar.
Previous support near $ 450.00 is likely to be next crucial resistance on the 6-hour chart of Eth / USD.
ETH / BTC is slowly moving higher and could trade towards 0.0570BTC in the short term.
Technically, the hourly chart indicators are back in bullish territory with positive signs.
Ether Price Analysis
Yesterday, the ETH / USD was trading at a new low of several months at $ 397.79 before starting an upward move. The pair broke the $ 409.00 and $ 415.00 resistances to move into a short-term uptrend zone.
ETH / BTC also traded a few more points and is currently well above 0.0550BTC. If the pair continues to swap higher, it can test resistances 0.0570BTC and 0.0580BTC.
Looking at the hourly chart of the Eth / USD, the pair formed a decent support close to $ 398.00 and traded higher. It broke the resistance of $ 415.00 and the Fibonacci retracement level of 61.8% from $ 426.65 to $ 397.79.
The price is currently positioned near $ 410.00, but is struggling to break a bearish trend line with resistance to $ 419.00. Therefore, the price of Ether could perhaps correct lower in the short term.
Should there be a break below the spin level of $ 410.00, the price could retest the $ 400.00 support area. Conversely, a successful break above the trend line and $ 420.00 will likely open the door to further gains towards $ 430.00 and $ 440.00.
The 6-hour chart of ETH / USD indicates that the pair formed a solid green candle above $ 400.00 and could continue to trade higher. The next crucial obstacle for Ether buyers over $ 430.00 is expected around $ 450.00 and a bearish trendline.
Overall, Ether trades with positive signs above $ 400.00, but additional earnings above $ 420.00 and $ 430.00 are needed to rebound towards $ 450.00.
Levels
$ 420.00 and $ 430.00
Important Support Levels
$ 410.00 and $ 400.00
RSI Time
The RSI is currently close to 60 with positive signs.
MACD timetable
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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