Ether is once again gaining upside momentum against the US dollar and bitcoin. ETH/USD is placed nicely above $1,200.00 and is eyeing further upsides.
Ether formed a bottom near the $1,087.80 level and moved higher against the US dollar.
ETH/USD is currently attempting to settle above a major bearish trendline with resistance at $1,220.00 on the 2-hour chart.
ETH/BTC is back above the 0.0900BTC level and is currently showing a lot of positive signs.
Technically, the 2-hour chart indicators are moving higher in the bullish territory.
ETH/USD to Break $1,300?
After a major downside correction, ETH/USD found support just below the $1,100.00 level. The pair traded as low as $1,087.80 before starting a fresh upside wave.
ETH/BTC also completed a short-term correction and is currently trading above 0.0900BTC. It could continue to rise toward the significant 0.1000BTC resistance.
Looking at the 2-hour chart of ETH/USD, there is a key bottom in place at $1,087.80. The pair started an upside move and traded above the 23.6 percent Fibonacci retracement level of the last drop from the $1,383.50 high to $1,087.80 low.
The upside move was strong as the pair was able to surpass the $1,200.00 level. At the moment, it is attempting to settle above a major bearish trendline with resistance at $1,220.00.
Should there be a 2-hour close above $1,220.00, Ether’s price could accelerate toward $1,300.00. An intermediate resistance is around $1,240.00 and the 50 percent Fibonacci retracement level of the last drop from the $1,383.50 high to $1,087.80 low.
Above $1,300.00, the price will most likely accelerate toward the last swing high of $1,383.50. Moving down to the 30-minute chart of ETH/USD, the pair recently broke a short-term bearish trendline at $1,210.00.
On the downside, there is a connecting bullish trendline with support at $1,210.00 on the same chart. Below $1,210.00, the price could struggle to remain in the positive zone. A successful break of $1,210.00 would push Ether back toward $1,140.00.
Important Resistance Levels
$1,240.00 and $1,300.00
Important Support Levels
$1,210.00 and $1,140.00
The RSI is heading higher toward the 65 level.
The MACD is 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
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.