Ether’s price is holding key support levels against the US dollar and bitcoin. ETH/USD is likely to accelerate higher toward the $540.00 resistance in the near term.
Ether’s price remains in a bullish trend above the $500.00 support against the US dollar.
A key bullish trendline has formed with support near $505.00 on the 6-hour chart of ETH/USD.
ETH/BTC extended its consolidation above the 0.0620BTC support.
Technically, the 6-hour chart indicators are positioned nicely in the bullish territory.
Will ETH/USD Continue Its Upward Move?
Recently, there was a minor descending correction in ETH/USD from the $537.51 high. The pair traded lower and tested the $500.00 region, which acted as a decent support.
ETH/BTC remained confined in a slim range above the 0.0620BTC support. The technical structure suggests that the pair could be preparing for a significant move either toward 0.0700BTC or below 0.0600BTC.
Starting with the 6-hour chart of ETH/USD, there is a solid uptrend in place from the $360.00 swing low. The pair traded above the $500.00 level but struggled to gain momentum above $530.00. As a result, a downward correction was initiated with consolidation moves above $500.00.
The pair is currently following a key bullish trendline with support near $505.00. As long as Ether’s price stays above this level, it could continue to climb with range moves.
Should there be a bearish break below $505.00, the price may test the next important bullish trendline with support at $460.00 on the same chart.
Moving down to the 2-hour chart of ETH/USD, the pair is following an ascending channel with support at $505.00. It will most likely grind higher toward the $530.00 and $537.00 resistance levels. However, a successful close above the last high at $537.51 is required for a push toward $550.00.
On the other hand, the 2-hour chart also suggests that a close below $505.00 could increase selling pressure on Ether in the short term. Overall, Ether has been trading in the green on a daily basis with little bullish strength, despite being confined to its latest range.
Important Resistance Levels
$530.00 and $537.00
Important Support Levels
$505.00 and $480.00
The RSI is currently flat near the 55 level.
The MACD is showing positive signs 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
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