Ether bounced back positively against the US dollar and bitcoin. The next challenges for ETH/USD are around the $1,100.00 and $1,220.00 resistance levels.
Ether’s price corrected higher after trading as low as $763.73 against the US dollar.
ETH/USD broke the $950.00 and $1,000.00 resistance levels to trade toward $1,100.00.
ETH/BTC also recovered and moved back above the 0.0900BTC resistance.
Technically, the 30-minute chart indicators are now placed nicely in the bullish territory.
Ether’s Price is Bullish above $1,000
Yesterday, we saw a bearish U-turn in ETH/USD with a break of the $1,000.00 support. The pair even broke the $840.00 support, but it succeeded in holding the $750.00 support.
ETH/BTC also found strong buying interest on dips and traded back above the 0.0900BTC resistance. The upside move is currently limited as long as the pair is below the 0.1000BTC level.
Looking at the 2-hour chart of ETH/USD, the pair formed a decent bullish pattern around the $750.00-760.00 levels and started an upside recovery. It moved above the 23.6 percent Fibonacci retracement level of the last decline from the $1,422.48 high to $763.73 low.
More importantly, there was a break above a connecting bearish trendline with resistance at $1,000.00. Still, there are many barriers on the upside, such as $1,080.00 and $1,220.00.
At the moment, the $1,080.00 level and the 50 percent Fibonacci retracement level of the last decline from the $1,422.48 high to $763.73 low are acting as resistances for further recoveries.
Ether’s price needs a 2-hour close above $1,080.00 and $1,100.00 to move back into the bullish zone. On the downside, the price must stay above the $1,000.00 level to avoid a fresh bearish wave.
Looking at the 30-minute chart of ETH/USD, there is a range pattern forming with resistance around $1,080.00 and support near $950.00.
In the short term, the pair could continue to trade in the mentioned range before it makes the next move either above $1,100.00 or toward $850.00.
Important Resistance Levels
$1,080.00 and $1,220.00
Important Support Levels
$1,000.00 and $950.00
The RSI is still below the 50 level, but it is showing positive signs.
The MACD has reduced most of its bearish slope.
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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