Ether’s price is consolidating below key resistances against the US dollar and bitcoin. ETH/USD needs to clear the $440.00 resistance to recover further.
Ether’s price is consolidating in a range above the $420.00 support against the US dollar.
A major bearish trendline formed with resistance near $440.00 on the hourly chart of ETH/USD.
ETH/BTC is forming a divergence on the hourly chart, suggesting an upward move above 0.0700BTC.
Technically, the hourly chart indicators are struggling to move higher toward midlines.
Ether Price Analysis
The recent Ether’s price recovery was contained by the $440.00 level. The pair is currently trading in a range with support above $420.00 and resistance near the $440.00 level.
ETH/BTC is likely to move higher above the 0.0700BTC resistance since there is an RSI divergence forming on the hourly chart. However, upsides are likely to be capped by the 0.0720BTC resistance.
Starting with the hourly chart of ETH/USD, the pair seems to be forming a bullish pattern with lower highs at $448.08, $447.06, $442.17, and $441.46. Should there be a bullish break above the last high, there could be more gains toward $450.00.
On the downside, there is a key support formed near $425.00, below which the next significant support awaits at $420.00. To the topside, a push above the $441.00 resistance may push the price toward the next crucial resistance near $450.00.
More importantly, there is a significant bearish trendline formed with resistance at $449.00. An intermediate resistance is the 38.2 Fibonacci retracement level of the last decline from the $495.49 high to $418.40 low at $446.00.
Therefore, there is a cluster of resistances starting with $440.00 up to $450.00. Above this last resistance, Ether’s price will most likely move into a bullish zone toward the $500.00 level in the near term.
Overall, the ETH/USD pair could possibly continue to consolidate above the $420.00 support before it makes an attempt to clear the $440.00 and $450.00 resistances.
Important Resistance Levels
$440.00 and $450.00
Important Support Levels
$425.00 and $420.00
The RSI is currently near the 40-45 levels.
The MACD is currently flat in the bearish 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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