The price of Ether is going higher to the range resistance against the USD at $610.00 and $615.00. The extended range in moving against Bitcoin and the USD.
Price Analysis for Ether
There was a temporary downward move yesterday that went below $600.00. The Ether to USD trading pair tested the $590.00 support area, but recovered shortly after and formed a recovery base.
The Ether to Bitcoin pair is still capped at the 0.0800BTC resistance and may keep trading in range until the next move which expected to either be below 0.0780BTC or above 0.0800BTC.
From the Ether to USD hourly chart, the pair traded into the low range around $585.00 and $615.00. It was able to test the $590.00 support level and went as low as $592.91 but started an upward move right after.
After that, the price moved up and broke the $600.00 resistance and a bearish trendline which was correcting the price short-term. The pair closed above the 50% fib retracement level of the last high of $615.89 to low of $592.91.
The price of Ether may test the range resistance again which is near $610.00 and $615.00. If the gains surpass this level, the buying and trading volumes will rise. The significant hurdles will be at $650.00, $628.00, and, $635.00.
The support level on the upside is $605.00 and if this level is broken, the pivot level of $600 could be tested. If declines continue, the price may go as low as $590.00.
The bottom line is that Ether is trading in a range as it prepares for the next significant move which could be either upward toward $650.00 or downward toward $550.00.
Currently, the significant resistance levels are $615.00 and $610.00 while the important support levels are $590.00 and $600.00. The relative strength index is above 55 and the MACD is entering the bullish territory slowly.
Traders are keeping their fingers crossed as they wait to see the price action of the next few trading sessions.