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The price of Ether is finding it difficult to break the resistance of $ 235.0-236.00 against the US dollar. ETH / USD may decline in the short term if there are no closures above $ 235.00.
Key points
The price of Ether was traded in a narrow range above the $ 225.00 level against the US dollar.
A short-term bearish pattern is forming with resistance to $ 230.00 on the 2-hour chart of Eth / USD.
ETH / BTC has tested the 0.0340BTC support and is currently consolidating.
Technically, the 2-hour chart indicators are slowly moving further down the bearish territory.
Price analysis of the ether
In the last few hours, ETH / USD has been trading with some bearish moves. The couple struggled to break the resistance area of $ 235.00 and traded lower in a narrow range.
ETH / BTC tested the 0.0340BTC support and recovered later. The pair could break the resistance at 00.0350BTC and operate higher if ETH / USD gains bullish momentum in the next sessions.
Looking at the 30-minute ETH / USD chart, there was a recent downward trend towards the $ 225.00 level. The pair traded at $ 224.79 and then rebounded above $ 230.00. However, Ether buyers have failed to earn gains above the $ 230.00 level and the price is currently following a declining channel with resistance near $ 230.00.
To recover, the price must break the resistance of $ 230.00, above which Ether will probably repeat the very important $ 235.00 hurdle. Conversely, if the price continues to fall, you could test the $ 225.00 support.
Turning to the 2-hour chart of Eth / USD, the pair has clearly faced a strong resistance near the $ 235.00-236.00 zone. It is currently declining towards a crucial uptrend line, with support for $ 221.00.
The technical structure suggests that the price of Ether will probably form an ascending triangle, with a breakout resistance of $ 238.00. A positive closure above the declared triangle resistance could open the doors for the next major shift towards $ 250.00 and $ 275.00.
The downside, a bearish break below the trendline and the $ 220.00 support can clarify the path for Ether sellers to take control for a $ 200.00 pin level test.
Important resistance levels
$ 230.00 and $ 235.00
Important support levels
$ 225.00 and $ 220.00
2 hours RSI
The RSI is currently flat near level 45.
MACD at 2 hours
The MACD is slightly 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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