February 23, 2018 4:45 PM
Ether reversed yesterday’s losses against the US dollar and bitcoin. ETH/USD is gaining momentum and is currently trading above the $850.00 pivot level.
Ether found strong bids near the $780.00-800.00 support and rallied against the US dollar.
There was a break above a significant bearish trendline with resistance at $840.00 on the hourly chart of ETH/USD.
ETH/BTC started an upside correction from the 0.0800BTC support area.
Technically, the 4-hour chart indicators are rising sharply toward the midlines with solid bullish signs.
ETH/USD Back in Positive Zone
Yesterday, we discussed a key support near $780.00 in ETH/USD. The pair succeeded in holding the stated $780.00 support, formed a low at $788.16, then started a fresh upward move.
ETH/BTC started its own upward correction after consolidating near the 0.0800BTC support. The pair is now approaching the 0.0850BTC resistance area before 0.0880BTC.
When looking at the 4-hour chart of ETH/USD, we clearly see how the pair tested a major support area near $780.00. Ether sellers failed to push the price below the mentioned $780.00, which resulted in a sharp bullish move.
The pair jumped above the 23.6 percent Fibonacci retracement level of the last decline from the $981.64 high to $788.16 low. The current and last 4-hour candles are very bullish, suggesting a reversal pattern.
$910.00 could act as a resistance, possibly preventing further gains in the current wave from the $788.16 low. An intermediate resistance awaits near $885.00, which marks the 50 percent Fibonacci retracement level of the last decline from the $981.64 high to $788.16.
Moving on to the hourly chart of ETH/USD, there was a break above a significant bearish trendline with resistance at $840.00. However, it seems like the pair may find it difficult to pierce the $900.00-910.00 resistance.
However, a successful close above $910.00 could accelerate gains toward $950.00 in the near term. There’s an initial support at $850.00, followed by the $820.00 swing low, and a final crucial support at $800.00 to aid the move.
Important Resistance Levels
$900.00 and $910.00
Important Support Levels
$850.00 and $820.00
The RSI is moving higher and it may perhaps move above 50.
The MACD is showing a lot of positive signs.
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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