Ether’s price is correcting higher from $560.00 against the US dollar. ETH/USD must break the $750.00 and $800.00 resistance levels to recover further.
Key Highlights
Ether failed to stay above the $750.00 support and declined below the $600.00 level against the US dollar before correcting itself .
There is a crucial resistance forming near $800.00 on the 2-hour chart of ETH/USD.
ETH/BTC is stable and is currently trading around the 0.1000BTC pivot level.
Technically, the 2-hour chart indicators are correcting higher in the bearish territory.
Can Ether Recover Further?
Yesterday, we discussed the importance of a daily close above $750.00 in ETH/USD. The pair failed to stay above the mentioned $750.00 support, which resulted in further declines below $600.00.
On the other hand, ETH/BTC traded with a minor bullish bias. Bitcoin price also declined sharply recently below $7,000, resulting in a slight upside push in ETH/BTC toward 0.1000BTC.
Looking at the 30-minute chart of ETH/USD, the pair traded as low as $564.11. Later, it formed a short-term support base and started an upward move above $600.00. Ether buyers were successful in pushing the price above the 50 percent Fibonacci retracement level of the last decline from the $857.64 high to $564.11 low.
There was also a break above a bearish trendline with resistance at $640.00 on the same chart. It seems like Ether has started a decent recovery from $564.11, but it has to move above a few crucial hurdles to correct higher.
Moving up to the 2-hour chart of ETH/USD, the pair is facing a major resistance near $800.00 and a bearish trendline. Moreover, the 61.8 percent Fibonacci retracement level of the last decline from the $857.64 high to $564.11 low is an intermediate resistance around $750.00.
The stated $750.00 level was a support earlier and now it may perhaps prevent further gains. An initial support sits at $660.00, followed by $600.00, but the most significant support is $550.00-560.00.
Important Resistance Levels
$750.00 and $800.00
Important Support Levels
$660.00 and $600.00
2-hour RSI
The RSI is currently recovering from the oversold levels.
2-hour MACD
The MACD is currently reducing its bearish slope.
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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