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26 September 2018 15:08
The price of Ether is holding key supports against the US dollar and bitcoin. The ETH / USD must stay above the $ 200.00 support to start a new upward move.
Key points
The price of Ether is keeping support for $ 200.00 with some negative signs against the US dollar.
A contracting triangle is formed with resistance to $ 218.00 and support close to $ 210.00 on the 30-minute ETH / USD chart.
ETH / BTC is currently above the 0.0320BTC support level.
Technically, the 2-hour chart indicators are slowly moving further down the bearish territory.
Price analysis of the ether
Above all, there was a series shift in ETH / USD above the $ 200.00 support. The pair made an attempt to recover higher, but faced resistance close to $ 218.00 and $ 220.00 levels.
ETH / BTC also consolidated in a much smaller range than the 0.0320BTC support. If the pair corrects higher, it may face resistance near the 0.0340BTC and 0.0350BTC levels.
Looking at the 2-hour chart of Eth / USD, the pair has clearly moved into a bearish zone after breaking the $ 230.00 support area. However, declines have been protected above the $ 200.00 level as it is an important pivot and support zone.
On the upside, there are many obstacles for Ether buyers, starting at the $ 220.00 level and ending with $ 230.00. There is also a downtrend line with resistance to $ 235.00 on the same chart along with the 50 Fibonacci retracement level of the recent slide from $ 254.66 up to $ 203.56 below.
Should there be a break and close above $ 235.00, the price could rise towards the $ 250.00 resistance. Coming down to the 30-minute chart of the Eth / USD, there is a contraction triangle with resistance at $ 218.00 and support close to $ 210.00.
Therefore, it seems that the price of Ether is preparing for the next break above $ 218.00 or less than $ 210.00. A bearish break below $ 210.00 could push the price back towards $ 200.00-205.00.
On the other hand, an upward move above the $ 218.00 level will most likely help Ether buyers to accelerate gains from the $ 230.00 and $ 235.00 resistors.
Important resistance levels
$ 218.00 and $ 230.00
Important support levels
$ 210.00 and $ 205.00
2 hours RSI
The RSI is currently moving lower towards level 40.
MACD at 2 hours
The MACD is slowly moving into the bearish 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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