Technically, the 12-hour chart indicators are showing a few positive signs in the bearish territory.
Ether Price Weekly Analysis
After a significant upward move, ETH/USD faced strong resistance near $515.00. A new monthly high was formed at $515.09 and the price declined sharply below the $480.00 pivot level.
More importantly, there was a lot of bearish pressure on ETH/BTC as the pair declined below the 0.0650BTC support area. It traded close to the 0.0600BTC support and is currently recovering above the 0.0620BTC resistance.
Let’s start with the 12-hour chart of ETH/USD to understand why Ether is still in an uptrend above the $445.00 support. The chart indicates that the recent rejection was near an ascending channel resistance at $515.00.
The pair dropped heavily and even broke the $450.00 support. However, losses were protected by the same ascending channel, with current support at $445.00. Ether’s price is currently recovering and is trading above the $450.00 level.
To the topside, there are many hurdles for buyers, starting with the $468.00 level and the 38.2 Fibonacci retracement level of the drop from $515.09 to $440.85. Looking at the 2-hour chart of ETH/USD, the pair broke a declining channel with resistance at $455.00.
Should the price break the $468.00 resistance, the next barrier for Ether buyers awaits at $480.00 (the previous support). Above this, the price will most likely surge higher toward $500.00 and $515.00. Above the latter, the next hurdle is the channel resistance at $525.00.
On the other hand, a failure to gain momentum above $468.00 and $480.00 could result in a downward move toward the channel support at $445.00.
Overall, Ether will most likely move higher as long as it is above $445.00. If it drops below this, the price may revisit the $425.00 support in the near term.
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.
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.
Technically, the 12-hour chart indicators are showing a few positive signs in the bearish territory. Ether Price Weekly Analysis
After a significant upward move, ETH/USD faced strong […]