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Ether's price is positioned for a recovery against the US dollar. ETH / USD could exceed $ 409.00 to target additional earnings over $ 420.00.
Key Points
Ether's price is forming a bullish model with support close to $ 400.00- $ 402.00 against the US dollar.
ETH / USD is attempting an upside break above a downtrend line greater than $ 409.00 on the 2-hour chart.
ETH / BTC is correcting lower and trading currently under 0.0580BTC.
Technically, the 2-hour chart indicators show signs of recovery in the bearish territory.
Analysis of the prices of the ether
It seems that the ETH / USD is forming a strong support base close to $ 400.00. The pair has moved higher recently and has exceeded the $ 405.00 level to start a short-term recovery.
In contrast, ETH / BTC failed to test the 0.0600BTC resistance and refused. The pair is currently trading below 0.0580BTC and could test the 0.0570BTC support.
Looking at the 2-hour chart of the Eth / USD, the last three candles are bullish and indicate a positive recovery. However, the pair is currently testing a crucial bearish trendline with resistance close to $ 409.00-410.00.
Therefore, a successful 2-hour closing above the trendline and $ 410.00 will most likely determine the pace for further gains. The next major resistance awaits about $ 420.00 and the Fibonacci retracement level of 23.6% of the decline from $ 484.54 higher to $ 397.79 lower to $ 418.00.
The 6-hour chart indicates that the price of Ether was rejected more than three times close to $ 400.00. Therefore, the ETH / USD could rise higher and trade towards the next obstacle to $ 425.00 and a downtrend line. A break above this obstacle could push the price down to the Fibonacci retracement level of 38.2 percent of the decline near $ 430.00.
The downside, if Ether does not exceed the resistance of $ 410.00, could very well slip back to $ 405.00 and $ 402.00, below which it is likely that the price will repeat $ 400.00.
In the short term, risk is tilted upward, as Ether is putting pressure on a key resistance and technical indicators have accelerated gains. However, it will not be easy for buyers to gain strength beyond the resistance of $ 420.00
Major resistance levels
$ 409.00 and $ 420.00
Important support levels
$ 405, 00 and $ 400.00
2 hour RSI [19659018] The RSI is moving higher towards the 45-50 zone.
2-hour MACD
The MACD is reporting positive signs and may move into 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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