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The price of Ether is preparing for the next move against the US dollar and bitcoin. ETH / USD is likely to make the next move above the $ 225.00 and $ 230.00 levels.
Key points
The price of Ether has been confined to a much smaller range of $ 220.00 compared to the US dollar.
ETH / USD is traded within a crucial triangle with resistance at $ 223.00-225.00 on the 6-hour chart.
ETH / BTC is forming a consolidation model between 0.0330BTC and 0.0350BTC.
Technically, the 6-hour chart indicators are slowly recovering higher in the bearish territory.
Price analysis of the ether
During the last sessions, there was no major move in ETH / USD, and the pair was traded mostly in a much smaller range than the support level of $ 215.00. On the upside, there are crucial resistances formed near $ 224.00, $ 225.00 and $ 230.00.
ETH / BTC is exchanged near the 0.0340BTC support, with a neutral polarization. On the upside, the price must break the resistance 0.0350BTC to move into a bullish zone. Key support for buyers is near the 0.0330BTC level.
Looking at the 6-hour chart of Eth / USD, it appears that the pair is preparing for the next major break above the $ 230.00 level or below the $ 218.00 level since Ether is exchanging a meaningful triangle.
The triangle is contracting and is about to open the way for the next break, which could exceed resistance levels of $ 225.00 and $ 230.00. If Ether buyers gain momentum above the resistance of $ 230.00, the price is likely to accelerate increases to levels of $ 250.00 and $ 275.00.
On the downside, a downside break below $ 220.00 and $ 218.00 support levels can possibly push the price back into a bearish zone. The next major supports are close to the $ 210.00 and $ 205.00 levels.
Coming down to the 2-hour chart of Eth / USD, the pair is attempting a close above a bearish trend line with resistance to $ 223.00. A successful close above the trendline is likely to increase the odds of an upside break above the resistance of $ 230.00 in the short term.
Altogether, the price of Ether is set for the next wave or higher at $ 230.00 or less than $ 218.00 in the next sessions.
Important resistance levels
$ 225.00 and $ 230.00
Important support levels
$ 218.00 and $ 210.00
6 hours RSI
The RSI is moving higher towards level 40.
MACD at 6 hours
The MACD is slowly reducing its downward slope.
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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