Ether is forming a critical breakout pattern against the US dollar. ETH/USD could clear the $725.00 and $750.00 resistances to start a fresh upward wave.
Ether failed to stay above the $700.00 support but it is holding ground against the US dollar.
There is a key contracting triangle forming with resistance at $725.00 on the 6-hour chart ETH/USD.
ETH/BTC is currently trading in a range between 0.0720BTC and 0.0765BTC.
Technically, the 6-hour chart indicators are flat with minor bullish signals in the bearish territory.
Can ETH/USD Make it?
The past few sessions were slightly bearish for ETH/USD as the pair struggled to move higher. It declined and even broke the $700.00 support level.
ETH/BTC continues to trade in a range with a bearish angle below 0.0780BTC. The pair must stay above the 0.0720BTC support to increase chances of an upward recovery.
Starting with the 6-hour chart of ETH/USD, there was a solid decline from the $894.91 high. The pair traded as low as $642.35 and is currently consolidating losses around the $700.00 handle.
More importantly, there is a key contracting triangle forming with resistance at $725.00. The pair struggled to break the triangle resistance on many occasions recently, therefore, a break above the $725.00 resistance could initiate a welcome rally in Ether.
On the downside, the triangle support is currently at $685.00. Should there be a 2-hour close below $685.00, the price may accelerate losses toward the last low of $642.35. Should that be the case, there is a risk of further declines toward $600.00.
Dropping down to the 2-hour chart of ETH/USD, there is a resistance zone forming around $750.00. Thus, a push above $725.00 and $750.00 is required to increase buying interest in the near term.
There is a connecting bullish trendline on the same chart with support at $675.00, a break above which would only contribute to an ETH/USD rally. If the pair can clear $725.00, buyers will set their eyes on the key $750.00 barrier.
Important Resistance Levels
$725.00 and $750.00
Important Support Levels
$685.00 and $675.00
The RSI is struggling to rise from the 40 level.
The MACD is neutral in the bearish 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
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