23 September 2018 2:34 PM
Ether's price is approaching an important resistance against the US dollar. ETH / USD must break the region $ 260.00-270.00 to accelerate gains in the next few days
The price of Ether has recovered towards $ 250.00-255.00 before correct the fall against the US dollar.
Significant resistance is formed near $ 250.00-270.00 on the daily ETH / USD chart.
ETH / BTC is positioned well above the 0.0340BTC support area.
Technically, the indicators of the daily chart are currently close to the middle lines in the bearish territory.
Ether Price Analysis
Last week there was a moderate increase in the Eth / USD above the spin level of $ 200.00. The pair passed the resistance of $ 230.00 and traded up to $ 254.66 before starting a downward correction.
ETH / BTC also recovered well above the 0.0320BTC and 0.0340BTC resistors. The pair has even broken resistance at 0.0350BTC and is currently operating in a narrow range. The next major obstacle for buyers is at 0.0380BTC.
Let's start with the daily chart of ETH / USD to understand the recent recovery from the support of $ 192.00. The pair traded higher with four green back-to-back candles above the $ 200.00 spin level. Ether broke the $ 210.00 and $ 230.00 resistance levels and tested the next obstacle near $ 250.00-255.00.
The Fibonacci retracement level of 23.6 of the highest move down from $ 515.09 to $ 167.73 is close to $ 250.00. More importantly, there are two downtrend lines in place around the $ 270.00 level.
Therefore, the region $ 250.00 – 2.70.00 could represent a major obstacle for the purchasers of Ether. If they manage to exceed $ 270.00, the price will most likely increase towards $ 300.00 and $ 350.00.
Going down to the 2-hour chart of Eth / USD, there is a key support that is formed above the $ 230.00 level and a uptrend link. Below the trendline, the price could test the next support for $ 220.00.
At the top, there is a downward trend line formed with resistance to $ 242.00, beyond which the price may possibly retest the level of $ 250.00. The current price action indicates that Ether's price is trading in a positive zone above $ 230.00.
In the medium term, a successful daily close above $ 270.00 could put Ether into a strong uptrend. Otherwise, there is a risk of a pullback towards support levels $ 220.00 and $ 200.00.