Ether’s price is poised to break the recent range against the US dollar. ETH/USD could surge toward $250.00 after it breaks the $230.00 resistance.
Ether’s price is holding key supports above the $220.00 level against the US dollar.
ETH/USD may soon break a significant symmetric triangle, with resistance at $230.00 on the 12-hour chart.
ETH/BTC needs to surpass the 0.0350BTC resistance for more gains in the near term.
Technically, the 12-hour chart indicators are currently flat above midlines in the bullish territory.
Ether Price Weekly Analysis
During the past few days, ETH/USD mostly traded in a broad range above the $200.00 pivot level. There were several lower highs and higher lows formed, indicating a breakout pattern.
ETH/BTC also moved higher and settled above the 0.0340BTC support. The pair could continue to move higher toward the 0.0350BTC resistance in the short term.
Let’s start with the 12-hour chart of ETH/USD to understand the current range pattern above the $220.00 support. The pair seems to be trading in a significant symmetric triangle, with resistance at $230.00. The price recently traded toward the $250.00 level, but it failed to gain momentum.
There was a failure noted near the 61.8 percent Fibonacci retracement level of the last decline from the $302.26 high to $167.73 low. Later, the price started trading in a contracting range, with current resistance at $230.00 and support near $220.00.
Should Ether break the triangle resistance and settle above $230.00, there could be more upsides toward the $250.00 swing high and the $275.00 resistance.
On the other hand, a bearish break below the $220.00 support may well clear the path for sellers to take control. The next key supports are positioned near $215.00 and $195.00.
Dropping down to the 2-hour chart of ETH/USD, the pair broke a bearish trendline at $225.00 and spiked above the $230.00 level. However, Ether’s price failed to stay above $230.00 and declined toward a bullish trendline with support at $223.00.
A successful break below the trendline support could increase bearish pressure on Ether below $220.00. On the flip side, Ether buyers need to take charge above the $230.00 and $235.00 resistances in the coming days.
Weekly Resistance Levels
$230.00 and $250.00
Weekly Support Levels
$220.00 and $215.00
The RSI is just above the 50 level.
The MACD is currently flat near midlines.
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.
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