Ether Price Analysis – Ethereum Price Analysis: Ether Price Extends Recovery

Ether, after surviving a downside break, started recovering against the US dollar and bitcoin. ETH/USD is currently above $300.00 with the next resistance at $322.00.

Technically, the 2-hour chart indicators are starting to move higher in the bullish territory.

Ether Price Eyeing Further Gains

Yesterday, we discussed that as long as the ETH/USD pair is above $275.00, it can recover. The pair did recover above $300.00 and traded with a positive bias during the past few sessions.

The ETH/BTC pair also gained traction and was able to move above 0.071BTC towards the next immediate resistance at 0.072BTC.

Starting with the 30-minute chart of ETH/USD, the pair recently moved above the $302.00-304.00 resistance. The upside move was positive with a few back-to-back green candles.

A new weekly high was formed at $316.17 where the 61.8 percent Fibonacci retracement level of the last drop, from the $341.68 high to $281.12 low, prevented further upsides. The pair started correcting lower and is currently trading below the $310.00 level.

An initial support is around $302.00 (resistance turned support). The next support is near a bullish trendline at $300.00. The most important support is around the 50 percent Fibonacci retracement level of the last wave from the $281.12 low to $316.17 high at $299.00.

Ether Price Analysis Chart

Therefore, the $302.00-$299.00 area is a crucial support for the current recovery. If Ether’s price stays above $300.00, it would move back towards the $316.00 level.

Moving on to the 2-hour chart of ETH/USD, the pair is currently attempting a close above a key resistance near $308.00-$310.00. If it succeeds, it could head towards a bearish trendline with resistance at $322.00.

To sum up, Ether’s price retains a short-term positive tone, given that in the 2-hour chart, ETH/USD remains above its 50 SMA and is losing its downward strength.

Disclaimer:

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.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read