February 19, 2018 3:29 PM
Ether is poised to extend gains above $950.00 against the US dollar. ETH/USD is forming a bullish structure with supports on the downside near $910.00 and $900.00.
Ether is holding key support levels at $910.00 and $900.00 against the US dollar.
There is a rising channel forming with support at $935.00 on the 30-minute chart of ETH/USD.
ETH/BTC is under pressure and it could soon test the 0.0850BTC support area.
Technically, the 2-hour chart indicators are hovering around the midlines in the bullish territory.
ETH/USD is Holding Important Support Levels
There was positive price action during the past three sessions in ETH/USD as the pair was successful in holding two important support levels near $910.00 and $900.00.
On the other hand, ETH/BTC remained in a bearish trend and declined further below 0.0880BTC. The next major support on the downside is around the 0.0850BTC level.
Starting with the 30-minute chart of ETH/USD, the pair started a new upward wave from the $906.09 low. It is currently in the third wave and is trading above the 23.6 percent Fibonacci retracement level of the last drop from the $981.64 high to $906.09 low.
More importantly, there is a rising channel forming with support at $935.00 on the same chart. The price has to break the $950.00 resistance and gain pace above the 50 percent Fibonacci retracement level of the last drop from the $981.64 high to $906.09 low.
A successful 2-hour close above the $950.00 level could push the price toward the last high of $981.64. Above $981.64, the price may perhaps break the $1,000.00 level.
On the downside, the channel support at $935.00 is an initial support. Below the mentioned $935.00, Ether’s price could retest the all-important $910.00 support (as seen in the 2-hour chart of ETH/USD).
If Ether buyers fail to defend losses below $910.00, it could initiate a fresh downward wave. In short, the price action is bullish above $910.00 in ETH/USD and the pair will most likely break $950.00 and $980.00 for further upsides.
The RSI is currently near 55 with a positive angle.
The MACD is stable 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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