The price of Ether is currently at an important intersection against the USD but is still bullish against Bitcoin.
The Ethereum to USD pair is trading above $700 and will recover toward $750 soon. It is holding a significant support level of $640. While the ETH/BTC pair is trading above the pivot level of 0.0800BTC.
Ether May Bounce Back Against the USD
Over the past week, ETH/USD had a significant U-turn from the $800 handle declining and settling at the $700 support level moving to a bearish territory.
On the plus side, Ether has been trading in a bullish zone toward Bitcoin above 0.0800BTC. Even though the pair experienced a downward correction, buyers were successful in defending the losses above 0.0750BTC. ETH/BTC is currently trading on a support level above 0.0800BTC and 0.0780BTC.
Daily Price Analysis For Ether
If you consider the daily chart for the Ether to USD pair, you’ll see that there was rejection at $800. There was a decline of over $100 pushing the pair to reach a daily close of a significant support level at $700.
As the decline occurred, there was a bullish trendline break with a $725 support level. The pair traded below the 23.6% Fib retracement level from the $359.33 drop to the $833.91 rise.
The downward move was, however, protected by the $640 support level. The price formed a low at $638 before it resumed an upward price correction again.
Weekly Analyze for Ether
From the downside, there is significant support of $638.63. If a break closes below $640, Ether may test another important resistance support of $600.
In summary, the price of Ether may face a barrier around $700 during this current price recovery attempt. It might experience ranging moves above the $640 mark before it takes another move either above $700 or moves toward $600.
The next few trading sessions will reveal Ether’s fate.