Ether’s price is confined in tiny ranges against the US dollar and bitcoin. ETH/USD could charge past $475.00 if buyers gain bullish momentum.
Ether’s price traded in a tight range below the $475.00 resistance against the US dollar.
A strong support is formed above the $455.00 level on the 2-hour chart of ETH/USD.
ETH/BTC is also trading in a range above the 0.0550BTC support area.
Technically, the 2-hour chart indicators are moving lower in the bearish territory.
Ether Price Analysis
During the past few sessions, there were mostly range moves with a slight bearish angle in ETH/USD. The pair failed to move above the $475.00 resistance and declined toward the $455.00-460.00 support area.
Similarly, ETH/BTC traded in a range above the 0.0550BTC support. To the topside, the pair is facing many hurdles, starting with 0.0580BTC and followed by 0.0600BTC.
Looking at the 2-hour chart of ETH/USD, the pair failed to break the $485.00 resistance on a few occasions, resulting in a close below $480.00. Similarly, there were rejections above the $470.00 level, pushing the price toward the $460.00 support.
There are two key bearish trendlines formed with resistance near $468.00-470.00 on the same chart. A successful close above $470.00 could push the price toward the all-important $485.00 resistance.
On the downside, there is a strong support forming above the $455.00 level, below which, Ether’s price may perhaps slide further into the red zone. The next supports are $445.00 and $440.00.
Moving down to the 30-minute chart of ETH/USD, there is a short-term resistance formed near $462.00 and a connecting bearish trendline. Should Ether surpass the trendline resistance, it may well trade toward $470.00.
On the flip side, if Ether sellers are strong enough to drive the battle lower and break the $455.00 support, then we may see them aiming for the next support zone of $440.00.
Overall, ETH/USD is trading in a crucial range and it will either surge above $475.00 or drop below $455.00 in the near term.
Important Resistance Levels
$470.00 and $485.00
Important Support Levels
$455.00 and $440.00
The RSI is below 40 with a bearish angle.
The MACD is slowly gaining pace 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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.