September 1, 2018 2:02 PM
Ether’s price could climb higher against the US dollar and bitcoin. ETH/USD is bullish on the 6-hour chart and indicating an upward move toward $295.00.
Ether remained well-supported above the $270.00 support, with bullish signs against the US dollar.
ETH/USD broke a key bearish trendline with resistance at $280.00 on the hourly chart.
ETH/BTC is consolidating above the 0.0400BTC support and is preparing for the next move.
Technically, the 6-hour chart indicators are about to move into the bullish territory.
Ether Price Analysis
During the past two sessions, there were positive moves in ETH/USD above the $270.00 support. The pair moved higher and broke the $280.00 and $285.00 resistances to climb into a bullish zone.
ETH/BTC remained confined in a tight range above the key 0.0400BTC support. It seems like the pair is about to complete a correction pattern and could move higher toward 0.0420BTC.
Starting with the hourly chart of ETH/USD, the pair recently gained traction near the $272.45 low and surged higher. It tested the $285.00 resistance zone, corrected lower below $280.00, and finally resumed its upward move.
During the rise, Ether’s price broke a key bearish trendline with resistance at $280.00, clearing the way for a push above the $285.00 resistance. The price also surpassed the 50 percent Fibonacci retracement level of the recent drop from $296.28 to $272.45.
The current technical structure on the hourly chart suggests that the price is moving nicely in a positive zone with the support base at $285.00, $280.00, and a bullish trendline.
The 6-hour chart of ETH/USD is also indicating a bullish formation above the $270.00 support. The pair recently retested the previous bearish trendline at $273.00, which acted as a strong support. It is currently forming a breakout pattern with resistance near $285.00.
A successful 6-hour close above the trendline and $285.00 will most likely set the pace for more upsides in Ether toward the $295.00 and $300.00 levels in the near term.
The MACD is indicating positive signs and could move into the bullish zone.
The RSI is currently near the 48-50 zone.
Important Support Levels
$275.00 and $270.00
Important Resistance Levels
$290.00 and $295.00
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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