Ethereum Climbed Above The $280
Ethereum Climbed Above The $280
Ethereum traded close to the key $270 support and rebounded against the US dollar.
The previous support at $285 is now resistance on the 2-hour chart of ETH/USD.
ETH/BTC is struggling to stay above the 0.0400BTC support."Ethereum Climbed Above The $280"
Technically, the 2-hour chart indicators are currently near midlines in the bearish territory.
Ethereum Price Analysis
Yesterday, we discussed that ETH/USD may test the $270 support where buyers are likely to take a stand. The pair did move down toward the support, traded as low as $272.45, and later recovered sharply.
On the other hand, ETH/BTC is struggling to hold the key 0.0400BTC support. Should sellers take control, the pair could decline toward the 0.0380BTC level.
Looking at the 30-minute chart of ETH/USD, the pair declined toward the $270 support and found a strong buying interest. There was a sharp bullish reaction from the $272.45 low and the price broke a contracting triangle with resistance at $276.
Ethereum climbed above the $280 resistance and tested the $285 resistance (the previous support). Buyers failed to surpass the $285 hurdle, resulting in a fresh bearish wave. The price declined below $280 and the 50 percent Fibonacci retracement level of the recent wave from $272.45 to $285.26.
The $275 level is the immediate support with a break below it opening doors for a test of the all-important $270 support. Intermediate supports are $272.45 and the 61.8 percent Fibonacci retracement level of the recent wave.
Moving up to the 2-hour chart of ETH/USD, the $285 zone seems to be a significant resistance, above which the price is likely to gain bullish momentum toward $290 and $298.
Overall, Ethereum responded nicely to the key $270 support region, but buyers need to overcome barriers near $285 to gain control in the near term. If not, there is a risk of a bearish break below $270.'Ethereum Climbed Above The $280'
Important Resistance Levels
$282 and $285
Important Support Levels
$275 and $270
2-hour RSI
The RSI is still below the 50 level.
2-hour MACD
$282 and $285
Important Support Levels
$275 and $270
2-hour RSI
The RSI is still below the 50 level.
2-hour MACD
The MACD is showing a few negative signs in the bearish zone.
Ethereum Climbed Above The $280
Reviewed by mir khaleq ali
on
August 31, 2018
Rating:
Reviewed by mir khaleq ali
on
August 31, 2018
Rating:
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