The price of Ether is currently consolidating its gains against the USD. While this is good for the ETH/USD pair, the same thing cannot be said about the ETH/BTC pair as the value of Ether is correcting on a downward trend against Bitcoin. To test the $720,00 mark, Ether must hold its ground above $700.00
During the weekend, Ether managed to break the $720.00 resistance mark, but it faced a bearish hurdle against the USD.
Price Analysis for Ether
There was speculation about Ether closing above $700.00 during the weekend analysis on smartereum.com. As seen from the charts, ETH/USD closed above $700.00 which was a positive sign that indicated that more gains would come soon. However, the jubilation was short-lived as the pair dipped below the $700.00 resistance level.
The ETH/BTC pair has been having struggles of its own. It failed to hold above the 0.0850BTC resistance, and if it continues to drop, it may start a downward correction rally and test the support level of 0.0820BTC.
From the 30-minute price chart, the ETH/USD pair was able to trade as high as $722.63 before sellers started to develop interest. This started a downward move that pushed the price down to $710.00
The decline was protected by the support levels of $702.00 and $705.00 which were previously resistance levels. A bearish trendline has been spotted on the upside forming with a $715.00 resistance. This means that the price will soon break below $702.00 or break above $715.00.
If the price manages to go above $715.00 it may go higher than $720.00. On the other hand, if it falls lower than $700.00, the sellers may start selling.
From the 2-hour chart, the pair is struggling to hold a bullish trendline above the $705.00 support level. If a 2-hour close should occur, the price may fall to the $680.00 support level.
The two significant barriers from the topside are $720.00 & $740.00. Any move beyond $740.00 might take Ether as high as $760.00