Ether remained well-bid on dips against the US dollar. ETH/USD may break the $485.00 resistance considering the current price action.
Ether’s price held the $456.42 low and recovered above $460.00 against the US dollar.
ETH/USD is following a crucial bullish trendline with support at $456.00 on the 6-hour chart.
ETH/BTC traded in a range above the 0.0570BTC level with a few bullish moves.
Technically, the 6-hour chart indicators are pointing to an improvement in buying sentiment.
Ether Price Analysis
Yesterday, we discussed a few key support levels near $456.00 and $452.00. ETH/USD was well-bid and the pair traded above the $460.00 and $465.00 resistance levels to move into a positive zone.
ETH/BTC was confined in a range above the 0.0570BTC level. It seems like there is a contracting triangle forming and the pair is likely to make an upward move as long as the 0.0555BTC level is intact.
Starting with the 6-hour chart of ETH/USD, the pair formed higher lows at $418.00, $440.00, $452.00, and $456.00. More importantly, the pair is following a crucial bullish trendline with current support at $456.00.
These are bullish signs and indicate that Ether’s price is forming a bullish pattern and could make an upward move above the $475.00 and $485.00 resistance levels. Above the latter, the price will most likely move past $500.00 to retest the last swing high at $515.09.
Should there be a downward move, however, the price must stay above the last low at $456.00 and the bullish trendline. If not, there is a risk of a sharp bearish reaction.
Dropping down to the 30-minute chart of ETH/USD, the pair jumped above the $465.00 resistance and a connecting bearish trendline at $467.00 to trim yesterday’s losses.
It is currently correcting lower, but dips remain supported near the $465.00 level, below which the price may well test the $460.00 level. On the flip side, the $475.00 region now seems to have emerged as an immediate barrier followed by the all-important $485.00 mark.
Important Resistance Levels
$475.00 and $485.00
Important Support Levels
$465.00 and $456.00
The RSI is rising toward the 45 level.
The MACD is slowly 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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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