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The price of Ether is ready to break the recent range against the US dollar. The ETH / USD could rise to $ 250.00 after breaking the $ 230.00 resistance.
Key points
The price of Ether is holding key supports above the $ 220.00 level against the US dollar.
ETH / USD may soon break a significant symmetrical triangle, with a resistance of $ 230.00 on the 12-hour chart.
ETH / BTC must exceed 0.0350BTC resistance for further gains in the short term.
Technically, the 12-hour chart indicators are currently flat above the midline in bullish territory.
Weekly analysis of the price of the ether
In recent days, ETH / USD has been trading mostly on a pivot range of over $ 200.00. There were several lower highs and higher lows were formed, indicating a breakout pattern.
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.
Let's start with the 12-hour ETH / USD chart to understand the current interval model above the $ 220.00 support. The pair appears to be exchanged in a significant symmetrical triangle, with resistance at $ 230.00. The price was recently traded at the $ 250.00 level, but failed to gain momentum.
There was a failure noted near the Fibonacci retracement level of 61.8 percent of the last decline from $ 302.26 in high to $ 167.73 in low. Subsequently, the price started trading in a contract period, with current resistance at $ 230.00 and support close to $ 220.00.
If Ether breaks the resistance of the triangle and settles above $ 230.00, there may be higher upwards of $ 250.00 and resistance of $ 275.00.
On the other hand, a downside break below the $ 220.00 support could clarify the path for sellers to take control. The next key supports are positioned near $ 215.00 and $ 195.00.
Coming down to the 2-hour chart of Eth / USD, the pair broke a downtrend line at $ 225.00 and exceeded the $ 230.00 level. However, the price of Ether failed to stay above $ 230.00 and declined to a bullish trendline with support for $ 223.00.
A successful break under the trendline support could increase the downward pressure on Ether to below $ 220.00. On the flip side, Ether buyers have to take on the $ 230.00 and $ 235.00 resistances in the coming days.
Weekly resistance levels
$ 230.00 and $ 250.00
Weekly support levels
$ 220.00 and $ 215.00
12 hours of CSR
The RSI is just above level 50.
MACD at 12 hours
The MACD is currently flat near the midline.
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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