Ether remained on the edge above the $360.00 level against the US dollar. A failure to recover above $380.00 could push ETH/USD to a new 2018 low.
Ether’s price continued to trade in a negative zone below the $400.00 level against the US dollar.
An important bearish trendline formed with resistance near $380.00 on the 6-hour chart of ETH/USD.
ETH/BTC is trading in a tight range below the 0.0580BTC resistance and above 0.0540BTC.
Technically, the 6-hour chart indicators are flat with a few negative signs in the bearish territory.
What’s the Next Move for ETH/USD?
ETH/USD remained confined in a tiny range above the $360.00 level during the past few sessions. There was a slight increase in selling pressure due to the new RBI guidelines in India, which will prohibit regulated entities from working with individuals or companies that deal with cryptocurrencies.
ETH/BTC also remained in a range above 0.0540BTC. The pair continues to flirt with the 0.0550BTC pivot level and is currently trading well below the 0.0580BTC resistance.
Looking at the 6-hour chart of ETH/USD, there is a crucial breakout pattern in place with support around the $360.00 level, and an important bearish trendline formed with resistance near $380.00.
Therefore, the next move in Ether depends on the $360.00 support and $380.00 resistance. Should there be a bullish break above $380.00, the price could accelerate toward the $400.00 level.
On the other hand, if Ether’s price breaks the $360.00 support, it will most likely accelerate declines toward $350.00, which would put the pair at risk of heavy declines toward $300.00 in the near term.
Dropping down to the 2-hour chart of ETH/USD, there is a broad range formed with support at $360.00 and resistance at $420.00.
To sum up, Ether seems to be consolidating in a range above the $360.00 support, and it may possibly make the next move either above $380.00 or below $360.00 during the upcoming sessions.
Important Resistance Levels
$380.00 and $400.00
Important Support Levels
$365.00 and $360.00
The RSI is directionless near the 35 level.
The MACD is mostly 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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