29 September 2018 14:47
The price of Ether has reduced its gains against the US dollar, slightly correcting bitcoin. ETH / USD must remain above $ 215.00 and $ 210.00 supports to recover in the short term.
The price of Ether dropped sharply and tested the $ 215.00 support area against the US dollar.
A double upper scheme is formed at $ 234.00 on the ETH / USD time chart.
ETH / BTC is currently running lower towards the 0.0320BTC support.
Technically, hourly hourly indicators are back abruptly in bullish territory.
Price analysis of the ether
Yesterday we discussed that the next move in the ETH / USD could be over $ 234.00 or $ 215.00. The pair failed to overcome the resistance of $ 234.00, causing a bearish reaction to the support of $ 215.00.
Also ETH / BTC failed to exceed the 0.0340BTC resistance. The pair has started a downward correction, and it appears that the pair can test the next support at 0.0320BTC in the next sessions.
Starting with the ETH / USD time table, the pair failed on two occasions close to $ 234.00-235.00 and formed a double top scheme. Subsequently, there was a strong downtrend and Ether fell below $ 225.00 and $ 222.00 levels.
During the decline, there was a break below the Fibonacci retracement level of 50 percent of the recent upward move from the low of $ 210.06 to a maximum of $ 234.18. The next major resistance is close to $ 225.00-227.00.
The 6-hour chart of Eth / USD indicates that the pair is forming a key triangle pattern with current resistance at $ 227.00 and support at $ 215.00. A break below the support of $ 215.00 is likely to accelerate losses towards the $ 200.00 handle and Fibonacci retracement level of 61.8 percent of the main move from $ 167.73 down to $ 254.66 above.
If ETH / USD fails to recover and cancel the support of $ 210.00, there may be a strong downward movement in the next sessions.
Important resistance levels
$ 220.00 and $ 227.00
Important support levels
$ 215.00 and $ 210.00
The RSI is now well below the level 40.
The MACD is back strongly in the bearish 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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