Ethereum Price is Preparing for the Next Break
Ethereum Price is Preparing for the Next Break
Ethereum price is likely approaching a crucial break against the US dollar and bitcoin. ETH/USD will either break $485.00 resistance or decline below $460.00 for an extended correction.
Ethereum price is likely approaching a crucial break against the US dollar and bitcoin. ETH/USD will either break $485.00 resistance or decline below $460.00 for an extended correction.
Ethereum price is preparing for the next break with a key resistance near $485.00 against the US dollar.
A significant breakout pattern is formed with support at $465.00 on 2-hour chart of ETH/USD.
ETH/BTC is confined in a tiny range with support at 0.0700BTC and resistance near 0.0720BTC.
Technically, the 6-hour chart indicators are flat above their midlines in the bullish territory.
Ethereum Price Analysis
During the past three sessions, there were mostly range moves below the $485.00 resistance in ETH/USD. The pair is forming a contracting range and is likely preparing for the next crucial move.
Similarly, ETH/BTC is trading in a tight range above the 0.0700BTC support and below the 0.0720BTC resistance. The next move could be either be above 0.0720BTC or below 0.0700BTC in the near term.
Ethereum Price Analysis ETH
Starting with the 6-hour chart of ETH/USD, the pair formed a key bottom at $405.29 and climbed above the $450.00 pivot level. There was also a break above the 50 percent Fibonacci retracement level of the drop from the $548.12 high to $405.29 low.
Ethereum price traded above the $475.00 resistance, but it faced a strong selling interest near the $485.00 level and a connecting bearish trendline on the same chart. There were a few attempts to clear the trendline, but Ethereum buyers failed to gain momentum above $480.00.
Ether Price Analysis Chart
As a result, the price started a consolidation phase with corrective moves toward the $460.00 support. Dropping down to the 2-hour chart of ETH/USD, it seems like a significant breakout pattern was formed with resistance near $480.00 and support at $460.00-465.00.
Should the price break the $485.00 resistance, there could be a decent rally above the $500.00 barrier. If not, there is a risk of a bearish break below the $460.00 support. The current price action indicates continuous rejection around $480.00, which may perhaps prompt a bearish reaction.
Ethereum Price is Preparing for the Next Break
Reviewed by mir khaleq ali
on
July 06, 2018
Rating:
Reviewed by mir khaleq ali
on
July 06, 2018
Rating:
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