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The price of Ether started a downward correction after a solid upward push against the US dollar and bitcoin. The ETH / USD remains well supported on dips over $ 145.00.
Key points
The price of Ether tested the resistance of $ 160.00 and was later corrected lower than the US dollar.
A significant uptrend line is formed with support for $ 143.00 on the 2-hour chart of Eth / USD.
ETH / BTC tested resistance 0.0400BTC and subsequently corrected to 0.0380BTC.
Technically, the 2-hour chart is correcting further down the midline in bullish territory.
Price analysis of the ether
Yesterday, there was a strong upward push above the resistance of $ 150.00 in ETH / USD. The pair even broke the resistance of $ 155.00, but buyers struggled to push Ether above the resistance of $ 160.00, leading to a new decline.
ETH / BTC gathered above the resistance of 0.0380BTC. The pair tested the key resistance 0.0400BTC and subsequently began a downward correction towards the 0.0380BTC support area.
Looking at the 2-hour chart of Eth / USD, the pair has risen well above the resistance levels $ 130.00 and $ 142.00. The buyers even pushed the price above the $ 155.00 barrier before the sellers took a position near the resistance of $ 160.00.
The price rose to $ 159.96 and thereafter a new downward correction was initiated. Therefore, there was a new high above $ 160.00 and $ 161.35 swing. During the decline, the price broke the support of $ 155.00 and the Fibonacci retracement level of 23.6% of the recent wave from the low of $ 142.70 to that of $ 159.96.
However, the decline was protected by the support zone of $ 148.00-150.00 along with the Fibonacci 50% retracement level of the recent wave. On the downside, there is a strong support format close to $ 143.00 and a bullish trendline on the same chart.
Turning to the 30-minute ETH / USD chart, the pair is struggling to clear the $ 153.00 level and a downtrend link line. Should there be a break above the trend line, the price could rise towards resistance levels $ 155.00 and $ 160.00.
The current price is slightly bearish on Ether, but a positive break above the resistance levels of $ 153.00 and $ 155.00 could trigger a new upward move in the short term.
Important resistance levels
$ 155.00 and $ 160.00
Important support levels
$ 150.00 and $ 143.00
2 hours RSI
The RSI is moving further down to level 50.
MACD at 2 hours
The MACD is slowly reducing its bullish bias.
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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