The price of Ether holds a positive ground against bitcoin and USD, but a break of $692.00 is required if Ether is to climb any further.
Over the past three trading sessions, there has been no substantial movement between Ether and USD. Both currencies are pairing for the next move after trading a little above $675.00.
Can Ether Hold Its Ground?
The Ether to Bitcoin exchange rate is experiencing what appears like a bullish response and may go as high as a resistance of 0.0750BTC. After Ether crosses this mark, buyers will look forward to an exchange rate of 0.0800BTC.
If you consider the Ether to USD 30-minute chart, you’ll see that the pair is at a support level of $675.00 while they maintain a resistance around $692.00. Ether recently experienced an upward wave from $664.97 which took it above the 50% Fibonacci retracement line following the last fall in price from $698.90.
Irrespective of this upward swing, Ether’s price is facing strong resistance that is near $690.00-$695.00. If the bulls break above $692.00, Ether’s price will move past $700.00 in the next trading season.
What Will the Future Hold if the Break Doesn’t Occur?
If Ether is unable to break above $692.00 and falls below $675, there might be a bearish take over toward $640.00. Considering a two-hour chart, you’ll find that the Ether to USD support level of $675.00 is essential as there are two connecting bullish trendlines positioned near the support level.
If there is a bearish break below $675.00 and $670.00, there will be in increased chances of sell-offs. The price for Ether must break the $690.00-$692.00 resistance soon if the bulls are to hold the grip. Otherwise, traders will be thrown off-balance and start selling off their Ether. This can lead to an even lower dip in price in the long run.
The current price action is positive for now so investors are optimistic.