September 27, 2018 3:19 PM
Ether’s price is showing recovery signs against the US dollar and bitcoin. ETH/USD could trade higher toward the $230.00 resistance in the short term.
Ether’s price moved higher and traded above the $214.00 resistance against the US dollar.
A crucial resistance is formed near $228.00-230.00 on the 2-hour chart of ETH/USD.
ETH/BTC is correcting higher toward the 0.0340BTC resistance level.
Technically, the 2-hour chart indicators are near midlines in the bearish territory.
Ether Price Analysis
There was a positive price action above the $210.00 level in ETH/USD. The pair started an upward move and traded above the $214.00 and $218.00 levels before facing sellers near the $220.00 level.
ETH/BTC also started correcting higher and moved above the 0.0330BTC level. The pair may continue to rise toward the next key resistance at 0.0340BTC.
Starting with the 30-minute chart of ETH/USD, the pair bounced back from the $210.00 support. Ether buyers pushed the price above the $215.00 resistance and a bearish trendline. The price also traded above the 23.6 Fibonacci retracement level of the downward move from the $254.66 high to $203.56 low.
It opened the gates for more gains, and the price tested the next resistance at $218.00-220.00. The current price structure is positive, but Ether seems to be struggling to surpass the $220.00 resistance.
The 2-hour chart of ETH/USD indicates that the pair could trade above the $220.00 resistance. However, there is a strong resistance formed near $230.00 and a bearish trendline at $228.00. More importantly, the 50 Fibonacci retracement level of the downward move is also around $228.00.
Therefore, it won’t be easy for Ether buyers to overcome the $230.00 hurdle. On the downside, there is a key bullish trendline formed on the same chart with support at $211.00.
Should Ether’s price surpass the $220.00 resistance, it could test the $230.00 barrier. Overall, ETH/USD price action is narrowing within a range pattern, suggesting a breakout is imminent either above $220.00 or below $210.00.
Important Resistance Levels
$220.00 and $228.00
Important Support Levels
$211.00 and $204.00
The RSI is struggling to break the neutral (50) level.
The MACD is about to move into 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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