February 27, 2018 4:56 PM
Ether is slowly moving higher against the US dollar but correcting lower versus bitcoin. ETH/USD could rise further with support at $850.00.
Ether extended gains and traded above the $880.00 level against the US dollar.
There is a crucial bullish trendline forming with support at $850.00 on the 4-hour chart ETH/USD.
ETH/BTC failed to gain momentum and is currently approaching the 0.0800BTC support.
Technically, the 4-hour chart indicators are back in the bullish territory.
Can ETH/USD Break $910?
There was a decent upward wave initiated for ETH/USD this week. The pair was able to move above the $860.00 and $880.00 resistance levels to set the pace for more gains.
On the other hand, ETH/BTC was not able to rise further toward 0.0880BTC and started a downward correction. It seems like the pair may retest the 0.0800BTC support.
Starting with the 4-hour chart of ETH/USD, there was a solid support formed around $800.00. The pair started an uptrend and moved above two bearish trendlines with resistance at $850.00 and $865.00.
The pair unsuccessfully attempted a close above the 50 percent Fibonacci retracement level of the last drop from the $981.64 high to $788.16 low, at $885.00. A 4-hour close above that mark could trigger further gains and the pair may perhaps break the $900.00 and $910.00 resistance levels.
On the downside, there is a crucial bullish trendline forming with support at $850.00 on the same chart. Therefore, if Ether’s price corrects lower, it could find support near $850.00.
The hourly chart of ETH/USD suggests a series of important supports, such as $870.00, $860.00, and $840.00.
Below $840.00, the price would move back into a negative zone with the next support at $800.00. On the upside, Ether buyers will most likely struggle to break the $910.00 resistance. However, a successful break could extend the current recovery toward $960.00 and then $1,000.00.
The MACD has encountered recent bearish pressure.
The RSI had moved above 50 with positive signs early in the day.
Important Support Levels
$860.00 and $850.00
Important Resistance Levels
$900.00 and $910.00
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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