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Ether's price is recovering well against the US dollar and bitcoin. However, the ETH / USD must cancel the resistance of $ 415.00-420.00 for further gains.
Key Points
Ether's price traded at a new multi-month low at $ 397.79 and later recovered against the US dollar.
ETH / L & # 39; USD is facing a crucial resistance near $ 415.00 and two downtrend lines on the 2-hour chart.
ETH / BTC has risen above 0.0550BTC and is currently trading at a bullish angle.
Technically, the 2-hour chart indicators are recovering from the extreme conditions of oversold.
Ether Price Analysis
ETH / USD failed to hold the June 30th low at $ 405.29 and traded below the $ 400.00 commitment. The pair hit a new multi-month low at $ 397.79 before starting a rebound.
Similarly, ETH / BTC was traded at a new weekly minimum and subsequently recovered above 0.0550BTC. The pair is currently showing positive signs and may continue to trade higher towards the 0.0570BTC level.
Starting with the 30-minute ETH / USD chart, the pair formed a decent support at $ 397.79. Subsequently, the price started to rise again and broke resistance levels of $ 400.00 and $ 405.00. The ether buyers gained traction, resulting in a push above the resistance of $ 409.00 and two downtrend lines on the same chart.
The price also broke the Fibonacci 50% retracement level of the recent decline from $ 426.65 to $ 397.79 low. It seems that the price may continue to rise towards the next resistance at $ 415.00.
However, the 2-hour chart indicates that there is a strong resistance formed near $ 415.00 and two downtrend lines. If the price of Ether exceeds that, the next resistance approaches the Fibonacci retracement level of 76.4% of the recent decline to $ 420.0
Immediate support is $ 409 , 00 (the previous resistance). The most important support is $ 400.00, and to close Ether a daily close above is required. Otherwise, the price could break the recent low at $ 397.79 and extend the downturns.
The short-term price action is positive, but ETH / USD must cancel the resistance from $ 415.00 and $ 420.00 to consolidate a broader recovery.
Resistance levels
$ 415.00 and $ 420.00
Important support levels
$ 409.00 and $ 400.00
2 hour RSI
L & # 39 RSI is correcting higher from level 20 and is currently close to 30.
2- hour MACD
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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