Ether’s price is consolidating gains against the US dollar but correcting lower versus bitcoin. ETH/USD must close above the $700.00 hurdle to test $720.00.
Ether’s price struggled to break the $720.00 resistance over the weekend and is currently experiencing bearish pressure against the US dollar.
A crucial bullish trendline is in place with support at $700.00 on the 2-hour chart of ETH/USD.
ETH/BTC once again failed to settle above the 0.0850BTC resistance zone.
Technically, the 2-hour chart indicators are placed in the bullish territory with neutral signs.
Ether Price Analysis
In the weekend analysis, we discussed about a possible daily close above $700.00 in ETH/USD. The pair did close above the stated pivot level, suggesting positive signs and more gains in the near term; but as of this morning it has dipped below the $700.00 resistance level.
On the other hand, ETH/BTC failed to stay above the 0.0850BTC resistance level. It started a new downward correction, and it may well test the 0.0820BTC support.
Starting with the 30-minute chart of ETH/USD, the pair traded as high as $722.63 before facing selling interest. It started a downward move and corrected below the $710.00 level.
However, declines were protected by the $702.00 and $705.00 support levels (previous resistances). On the upside, there is a short-term bearish trendline forming with resistance at $715.00 on the same chart.
Therefore, it seems like the price is approaching the next break either above $715.00 or below $702.00. Above $715.00, the price might even clear the $720.00 resistance. On the flip side, a break below $700.00 may turn the bias in favor of sellers.
Moving up to the 2-hour chart of ETH/USD, the pair was trying to hold a crucial bullish trendline with support above $705.00. Should there be a 2-hour close below the trendline support, the price possibly will decline toward the next support at $680.00.
To the topside, two key barriers for buyers are at $720.00 and $740.00. Any subsequent move beyond the latter has the potential to continue lifting Ether’s price further toward reclaiming the $760.00 resistance.
Important Resistance Levels
$720.00 and $740.00
Important Support Levels
$705.00 and $680.00
The RSI is correcting lower from the 65 level toward 55.
The MACD has slightly reduced its bullish slope.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.