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11 November 2018 14:25
The price of Ether is holding key supports against the US dollar and bitcoin. ETH / USD must break resistance from $ 220.00 and $ 223.00 for a new bullish wave.
Key points
The price of Ether has shrunk and has tested the major support zone $ 207.00-208.00 against the US dollar.
ETH / USD is facing strong resistance near $ 223.00 and two downtrend lines on the daily chart.
ETH / BTC is positioned well in a bullish area above the 0.0325BTC support area.
Technically, the indicators of the daily chart are just above the midline in the bullish territory.
Weekly analysis of the price of the ether
Last week, there was a strong upward push above the resistance of $ 215.00 in ETH / USD. The pair traded above $ 220.00, formed a new monthly high at $ 223.86, and then started a downward correction.
ETH / BTC also gained bullish momentum and exceeded 0.0320BTC and 0.0325BTC resistors. The pair is currently consolidating near 0.0330BTC and may continue to move higher.
Let's start with the daily chart of ETH / USD to understand the recent move upward to the $ 225.00 level. The pair formed a solid support near $ 192.00 and exceeded $ 207.00 and $ 215.00 resistance levels.
The ether moved above an important downtrend line at $ 202.00 and traded close to the resistance of $ 225.00. However, the upward move was limited by two downtrend lines, with a current resistance of $ 223.00. The price is currently correcting lower and trading above the support of $ 207.00.
There is also a crucial upward trend line in place on the same chart, with support for $ 198.00. Therefore, dives towards $ 207.00 and $ 200.00 are likely to find a strong buying interest.
At the top, Ether's price must exceed both bearish trend lines and the $ 225.00 barrier to resume its uptrend. Coming down to the 2-hour chart of Eth / USD, the pair appears to follow a bearish link trend line, with a current resistance of $ 213.00.
A successful break above the trend line and $ 215.00 could push the price towards the resistance zone $ 223.00, above which there are chances of a sharp rise towards $ 230.00 and $ 240.00 .
Overall, Ether is trading above the $ 207.00 key support and may soon attempt to overcome resistance levels $ 213.00 and $ 215.00 in the next sessions. If buyers fail, the price can go down to $ 207.00 or even $ 200.00.
Weekly resistance levels
$ 215.00 and $ 223.00
Weekly support levels
$ 207.00 and $ 200.00
Daily RSI
The RSI is currently flat near level 45.
Daily MACD
The MACD is slightly positioned in 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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