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12 November 2018 16:21
The price of Ether has been corrected more recently recently than the US dollar. The rebound of ETH / USD is currently facing tough resistance near the $ 213.00 level.
Key points
The price of Ether has recovered and has exceeded the resistance of $ 212.00 compared to the US dollar.
The ETH / USD tested a crucial bearish trendline, with a resistance of $ 213.00 on the 2-hour chart.
ETH / BTC is currently consolidating near the 0.0330BTC level.
Technically, the 2-hour chart indicators are moving higher in bearish territory.
Price analysis of the ether
In the weekly analysis, we discussed the key support for $ 207.00 for ETH / USD. The pair remained in a positive zone and slowly recovered above $ 210.00 and $ 212.00 levels.
On the other hand, there were mainly ETH / BTC range shifts around the 0.0330BTC level. The pair needs to rise above 0.0335BTC to start a new upward movement towards 0.0350BTC in the short term.
Starting from the 2-hour chart of Eth / USD, the couple has repeatedly retested the support of $ 207.00-208.00 and subsequently recovered. It moved above the $ 212.00 level, but the rises were contained by a crucial bearish trendline, with a current resistance of $ 213.00.
If Ether exceeds the trendline, it could open the gates for further increases to resistance levels of $ 215.00 and $ 217.00. On the downside, the most important support awaits for $ 207.00, below which the price will most likely fall to the $ 200.00 handle.
Turning to the 30-minute ETH / USD chart, the pair is showing positive signs above the support of $ 210.50, an uptrend line and the 50% Fibonacci retracement level of the recent rise from the low $ 208.23 at $ 213.15 high.
To rebound further, the price must break the resistance of $ 213.00 and a short-term bearish trend line on the same chart. The downside, a decisive break below $ 210.50 can push the price towards the $ 208.00 support.
To sum up, the 2-hour chart suggests that Ether's price is getting ready for the next break above the resistance of $ 213.00 or below the support of $ 207.00 in the next sessions. An upward break above $ 213.00 could raise market sentiment for further gains of $ 217.00. Conversely, a downward break below $ 207.00 could put sellers under control.
Important resistance levels
$ 213.00 and $ 215.00
Important support levels
$ 210.50 and $ 207.00
2 hours RSI
The RSI is currently increasing 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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