Ether’s price is eyeing an upside break against the US dollar, whereas it declined versus bitcoin. ETH/USD must break the $117.50 and $118.00 resistance for a bullish wave.
Ether’s price failed to clear the $118.00 resistance and traded in a range against the US dollar.
A major bearish trendline is in place with resistance at $121.00 on the 6-hour chart of ETH/USD.
ETH/BTC tested the 0.0320BTC support level and is currently consolidating losses.
Technically, the hourly chart indicators are just above midlines in the bullish territory.
Ether Price Analysis
Yesterday, we discussed the importance of the $118.00 resistance for ETH/USD. The pair failed to overcome selling interest near $118.00 and remained in a tight range above the $115.00 support level.
On the other hand, ETH/BTC extended its decline below the 0.0325BTC support level (as discussed yesterday). The pair tested the 0.0320BTC support and is currently consolidating losses. Below 0.0320BTC, Ether may decline toward the 0.0305BTC support.
Starting with the hourly chart of ETH/USD, the pair clearly struggled to break the $118.00 barrier. Additionally, there is a connecting bullish trendline formed, with resistance at $117.50. Therefore, a successful close above the trendline and $118.00 is a must for buyers to gain bullish momentum.
On the downside, the most important support is near the $115.00 level, below which there is a risk of a bearish break toward the $110.00 and $105.00 support levels.
The 6-hour chart of ETH/USD suggests that the pair is following a downtrend from well above the $150.00 level. To the topside, there is a major bearish trendline in place, with resistance at $121.00. A daily close above the trendline and $122.00 could start a fresh uptrend toward the $130.00 and $135.00 resistance levels.
An intermediate resistance is the 23.6 Fibonacci retracement level of the decline from the $163.57 high (2019 high) to $111.84 low. Overall, Ether seems to be sighting an upside break, but it must surpass the $118.00, $120.00, and $121.00 resistance levels. If not, ETH/USD could resume its decline below the $111.84 low.
Important Resistance Levels
$118.00 and $120.00
Important Support Levels
$115.00 and $112.00
The RSI is currently just above the 50 level.
The MACD is slowly gaining momentum in the bullish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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