22 September 2018 14:16
The price of Ether has gained traction and broken crucial resistance against the US dollar and bitcoin. ETH / USD is correcting lower, but remains supported above $ 220.00.
Ether's price reorganized and broke the resistance from $ 230.0 and $ 235.00 against the US dollar.
An uptrend line is formed with support for $ 238.00 on the ETH / USD time table.
Technically, the 6-hour chart indicators are moving higher in bullish territory.
Analysis of the prices of the ether
Yesterday we discussed the possibility of a push towards $ 250.00 in ETH / DOLLARO STATUNITENSE. The pair was traded higher, broke the resistance from $ 230.00 and $ 235.00 and tested the resistance zone from $ 250.00.
Similarly, there were positive moves in ETH / BTC above the 0.0330BTC support. The pair traded above the resistances of 0.0340BTC and 0.0350BTC to rise further into a positive zone.
Starting with the ETH / USD time table, the pair broke the resistance of $ 235.00 and also hopped above the $ 250.00 level. A new weekly maximum was formed at $ 254.66 and the price started a downward correction. The price of Ether tested the Fibonacci retracement level of 23.6 from the recent rise from the low of $ 196.72 to $ 254.66.
There seems to be a decent support that is forming near the $ 238.00-240.00 region and a key trusting trendline on the same chart. Below the trendline, the price could test the previous resistance (now support) at $ 235.00 and $ 230.00.
C & # 39; is also a crucial trustline trendline with support for $ 220.00 on the 6-hour chart of the Eth / USD. Intermediate support is the 50 Fibonacci retracement level of the recent uptrend at $ 225.00.
Therefore, if Ether continues to move down, buyers are likely to protect losses near the $ 230.00-235.00 zone. On the higher side, the resistance of $ 250.00 represents a significant obstacle to further gains, beyond which the price can go up to $ 270.00.
To sum up, there are many positive signs emerging on both the hourly and 6-hour charts, indicating
Important levels of resistance
$ 250.00 and $ 255.00
Important levels of support
$ 235.00 and $ 230.00
6 hours of RSI
The RSI is currently well above the 55 level.
The MACD is gaining traction 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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