1ΧΒΙΤ

Ether received fresh bids versus the US dollar, but resisted against bitcoin. ETH/USD needs to settle above $210.00 to gain bullish traction.

Technically, the 12-hour chart indicators are flat and moving around their midlines.

Ether Price Poised for an Upside Break?

Yesterday, we saw an important support base near $190.00 on the hourly chart of ETH/USD. The pair has succeeded so far in holding the stated support and is currently positioned above the $200.00 handle.

Looking at the 2-hour chart, there is a contracting triangle pattern forming with resistance near $206.00. A break above the triangle resistance could lead the pair towards a crucial resistance near $210.00 (support turned resistance).

As discussed yesterday, the $210.00 resistance holds a lot of value in the short term since it is near the 50 percent Fibonacci retracement level of the last decline from the $231.70 high to $192.64 low.

Above $210.00, there is a connecting bearish trendline positioned at $215.00 on the 2-hour chart. Should there be a close above $210.00, the pair would gain bullish momentum for further upsides.

On the downside, the triangle support sits at $196.00 with a break below it favoring a downward corrective movement towards $190.00.

Ethereum ETH USD Forecast

Moving on to the 12-hour chart of ETH/USD, there are two new bearish trendlines forming with resistance near $220.00-225.00. These trendlines could play a major role in a sustained recovery of Ether’s price in the near term towards $250.00 or higher.

To the downside, there is a significant support zone of $190.00-175.00. As long as the pair is above the stated support zone, there are chances of an upside break.

The technical indicators are stabilizing above their midlines, which is a positive sign and could lead to an extended recovery above $210.00 in ETH/USD.

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



Follow us on Linkedin | Twitter | Facebook