February 13, 2018 4:44 PM
Ether is trading in a range above $800.00 against the US dollar. ETH/USD could consolidate between $800.00 and $870.00 before making the next move.
Ether’s price declined recently and tested the $820.00 support against the US dollar.
ETH/USD is moving higher and broke a bearish trendline with resistance at $830.00 on the 30-minute chart.
ETH/BTC is in a correction phase and the pair could test the 0.0950BTC support.
Technically, the 30-minute chart indicators are rising higher in the bearish territory and toward midlines.
ETH/USD is Forming Range
There were mostly in-range moves in ETH/USD during the past three sessions. The pair declined toward the lower end of the range, tested the $820.00 support, and started an upside recovery.
ETH/BTC remains in a short-term downtrend below the 0.1000BTC level. It could test the 0.0950BTC support, which is a strong buy zone.
Starting with the 30-minute chart of ETH/USD, the pair is rising after forming a base above the $820.00 support. It is gaining momentum and broke a bearish trendline with resistance at $830.00.
The pair also moved above the 23.6 percent Fibonacci retracement level of the recent drop from the $875.70 high to $824.17 low. It is a positive sign, but the pair is facing a couple of key resistance levels on the upside – $850.00 and $870.00.
The $850.00 resistance holds the key for the current wave since it is the 50 percent Fibonacci retracement level of the recent drop from the $875.70 high to $824.17 low. Above $850.00, Ether’s price could retest the $870.00-875.00 resistance range.
Moving on to the 2-hour chart of ETH/USD, the pair is placed nicely above the $780.00 and $750.00 supports. On the upside, there is a new connecting bearish trendline forming with resistance at $865.00.
In the short-term, Ether could trade in a range above the $820.00 level. However, to gain upside momentum, it has to surpass the $870.00 resistance.
Important Resistance Levels
$850.00 and $870.00
Important Support Levels
$820.00 and $800.00
The RSI is just above the 50 level with a positive angle.
The MACD is currently flat with no major bullish sign.
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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