Ether buyers are in control against the US dollar and bitcoin. ETH/USD is likely to make the next move either above $740.00 or below $710.00.
Ether’s price is trading with a bullish bias above the $700.00 support against the US dollar.
ETH/USD is forming a breakout pattern with support at $710.00 and resistance near $740.00 on the 2-hour chart.
ETH/BTC is steady above 0.0830BTC and it could test the 0.0850BTC resistance in the near term.
Technically, the 6-hour chart indicators are moving higher in the bullish territory.
ETH/USD Preparing for Next Move
Yesterday, we discussed how ETH/USD’s technical structure is indicating limited chances of a decline below $695.00. The pair traded in a range above the $700.00 support with few bearish moves.
Similarly, there were ranging moves in ETH/BTC above the 0.0820BTC support. The pair will most likely climb higher toward the next resistance at 0.0850BTC.
Looking at the 6-hour chart of ETH/USD, the pair was rejected from a crucial support area near $640.00. It bounced back sharply and moved above the 38.2 percent Fibonacci retracement level of the last slide from the $833.91 high to $638.62 low.
However, the price is facing a significant resistance near $740.00 and a bearish trendline on the same chart. It seems like Ether’s price is struggling to settle above the 50 percent Fibonacci retracement level of the last slide near $736.00.
Therefore, a successful close above $736.00-740.00 will most likely clear the path for Ether buyers to gain momentum. The next barriers for more gains are at $760.00 and $790.00.
Dropping down to the 2-hour chart of ETH/USD, there is a breakout pattern in place with support at $710.00 and resistance near $740.00. A bearish reaction below $710.00 may well push the price into a short-term downtrend toward $700.00 and $695.00.
To sum up, Ether’s near-term picture is bullish, according to technical readings in the 2-hour chart, as ETH/USD prepares to make the next move.
Important Resistance Levels
$740.00 and $760.00
Important Support Levels
$710.00 and $700.00
The RSI is placed nicely around the 55 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, 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
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