Ether’s price traded in a range below $485.00 against the US dollar. ETH/USD seems to be preparing for the next break either above $475.00 or below $450.00.
Ether’s price is holding key supports above the $450.00 level against the US dollar.
A significant breakout pattern is formed with resistance at $475.00 on the 12-hour chart of ETH/USD.
ETH/BTC is under pressure and could test an important support near 0.0550BTC.
Technically, the 12-hour chart indicators are signaling a few bullish signs.
Ether Price Weekly Analysis
This past week, there were a few attempts to break the $485.00 resistance. However, ETH/USD buyers failed to gain bullish momentum and the pair remained in a tight range above the $450.00 support.
On the other hand, ETH/BTC was under a lot of bearish pressure. The pair settled below the 0.0600BTC support and it seems like it might continue to move down toward 0.0550BTC to complete the current wave structure.
Let’s start with the 12-hour chart of ETH/USD to understand the current price movement above the $450.00 support. The recent dips were protected by a key bullish trendline, with current support at $456.00. Similarly, gains were limited by a connecting bearish trendline with resistance at $475.00.
Therefore, it seems like a significant breakout pattern is in place with resistance at $475.00 and support near $456.00. Should the price break the $475.00 resistance, it could accelerate above the $485.00 resistance and it will most likely move into a bullish zone.
Conversely, a bearish break below the $456.00 support could put a lot of pressure on Ether buyers. The next key supports are $452.00, $440.00, and $425.00.
Dropping down to the 2-hour chart of ETH/USD, a similar short-term breakout pattern is forming with resistance near $470.00 and support at $463.00. On the downside, it seems there is a strong support base formed near the $456.00 level, suggesting a positive price action.
However, Ether’s price must break the $475.00 and $485.00 resistances to open the doors for more upsides in the coming days. ETH/USD buyers’ objective is to break above these resistances since they have regained $460.00, while sellers will try to resume the bear trend below $450.00.
The MACD is slowly moving into the bullish zone.
The RSI is attempting to move above the 40 level.
Weekly Support Levels
$456.00 and $450.00
Weekly Resistance Levels
$475.00 and $485.00
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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