The price of Ether is back in a positive zone compared to the US dollar and bitcoin. The ETH / USD could recover further towards the resistance from $ 230.00 and $ 235.00.
The price of Ether held the major support of $ 215.00 against the US dollar.
The ETH / USD traded higher and broke an important downtrend line to $ 222.00 on the 2-hour chart.
ETH / BTC found support below the 0.0340BTC level and is currently consolidating.
Technically, the 2-hour chart indicators are moving higher towards the midline in the bearish territory.
Price analysis of the ether
Yesterday we discussed the importance of supporting $ 215.00 for ETH / USD. The pair found a strong buying interest above $ 215.00 and then started a new recovery above the $ 220.00 level.
ETH / BTC also found support below the 0.0340BTC level. Subsequently, the pair began to consolidate in a range, and is currently trading well above the 0.0340BTC support.
Looking at the 2-hour chart of Eth / USD, the pair found support near the key level of $ 215.00. A base was formed and Ether traded above the resistance $ 220.00. More importantly, there was a break above an important downtrend line at $ 222.00.
The price also exceeded the Fibonacci retracement level of 23.6 percent from the recent decline from $ 238.59 upwards to $ 215.99 below. He opened the door for further recoveries, but Ether's buyers are facing a lot of upside obstacles close to the $ 230.00 and $ 235.00 resistors.
The 30-minute ETH / USD chart suggests that the recent recovery faced resistance near the recent 50% Fibonacci retracement level at $ 237.00.
On the downside, there are many supports, starting at $ 222.00 and followed by the rotation level of $ 220.00. The most significant support awaits about $ 215.00, below which the price could plunge further into the bearish zone.
On the flip side, the price of Ether must gain strength over the $ 227.00 and $ 230.00 resistance levels to extend the current recovery. That said, the $ 235.00 price zone is an important medium-term static resistance. A break above it could trigger stops and fuel gains towards the $ 250.00 and $ 260.00 levels.
Important resistance levels
$ 230.00 and $ 235.00
Important support levels
$ 220.00 and $ 215.00
2 hours RSI
The RSI is moving higher towards level 50.
MACD at 2 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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