Ether is consolidating above a key support against the US dollar. ETH/USD may continue to trade in range before making the next move.
Ether’s price is forming a range pattern with support at $515.00 and resistance near $500.00 against the US dollar.
There is an important bearish trendline in place with resistance at $545.00 on the 2-hour chart of ETH/USD.
ETH/BTC is under a lot of pressure with a crucial support at 0.0600BTC.
Technically, the 2-hour chart indicators are moving to and fro around the midlines in the bearish territory.
ETH/USD is Facing a Tough Challenge
After gaining some ground on Monday, ETH/USD failed to move above a major resistance at $550.00. The pair is currently consolidating and trading in a range above the $515.00 support.
ETH/BTC remains in a bearish zone but is holding the 0.0600BTC support level. Above, there are several resistances: 0.0650BTC, 0.0680BTC, and 0.0700BTC.
Looking at the 30-minute chart of ETH/USD, the pair struggled to break the $550.00 resistance. As a result, there was a downward correction below $530.00. However, the decline was protected by the $515.00 level on two occasions, and it seems like there is a decent support forming.
$550.00 and $555.00 are crucial hurdles for more gains in the near term. In the short term, Ether’s price may trade in the $515.00-550.00 range before it makes the next move.
Moving up to the 2-hour chart of ETH/USD, an important bearish trendline with resistance at $545.00 is acting as a major barrier for Ether buyers. A successful 2-hour close above $545.00 and $550.00 could trigger further gains toward $600.00.
An intermediate resistance is the 61.8 percent Fibonacci retracement level of the last decline from the $626.18 high to $454.86 at $560.00.
Considering the current price action and technical structure, the price could move higher toward $600.00 if it holds $515.00.
Important Resistance Levels
$545.00 and $550.00
Important Support Levels
$515.00 and $500.00
The RSI is currently just below the 50 level.
The MACD is flat in the bearish zone.
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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