September 30, 2018 2:38 PM
The price of Ether seems to prepare for the next wave against the US dollar. ETH / USD has to settle for $ 235.00 for a bigger move towards the top.
The price of Ether is trading close to the significant resistance at $ 235.00 compared to the US dollar.
A crucial contract triangle is formed with resistance to $ 235.00 on the 12-hour chart of Eth / USD.
ETH / BTC gained bullish momentum and moved above the resistance of 0.0350BTC.
Technically, the 12-hour chart indicators are moving higher towards the midline in bullish territory.
Weekly analysis of the price of the ether
During the last few days, there have been a couple of positive moves in ETH / USD above the spin level of $ 200.00. The couple made an attempt to break the $ 250.00 and $ 235.00 resistance levels, but the buyers failed to keep the gains.
On the other hand, ETH / BTC traded with positive amount above the 0.0300BTC support. There was a small downward correction, but the pair found support and subsequently moved above the resistance levels 0.0340BTC and 0.0350BTC.
Let's start with the 12-hour chart of the Ethics / USD to understand the importance of the resistance of $ 235.00. First, the 50% Fibonacci retracement level of the last strong decline from the $ 302.26 high to $ 167.73 below is around $ 235.00. More importantly, there is a crucial contractual triangle formed, with resistance at $ 235.00 and support close to $ 220.00.
Therefore, the price of Ether is likely to make the next move above $ 235.00 or below $ 220.00. If buyers are able to place the price above the resistance of $ 235.00, there could be a strong rise towards resistance levels $ 250.00 and $ 275.00.
On the other hand, a bearish break below the triangle support at $ 220.00 will most likely push the price back into a negative zone towards $ 220.00 or $ 180.00.
Coming down to the 2-hour chart of Eth / USD, the pair appears to follow a key upward channel, with current support at $ 219.00. Ether recently eliminated a bearish link trend line with resistance to $ 229.00, but the gains were limited by the resistance of the channel.
The price is currently trading in a range above the broken trendline and the $ 226.00 support. The overall price action and technical structure on the 2-hour chart is positive over $ 220.00. In the short term, there might be a small move down, but Ether buyers will probably try to cancel the resistors from $ 235.00 and $ 240.00 in the next sessions.
Weekly resistance levels
$ 235.00 and $ 250.00
Weekly support levels
$ 220.00 and $ 200.00
12 hours of CSR
RSI is approaching level 50.
MACD at 12 hours
The MACD is about to enter 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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