Technically, the 6-hour chart indicators are flat with a few negative signs in the bearish territory.
What's the Next Move for ETH/USD?
ETH/USD remained confined in a tiny range above the $360.00 level during the past few sessions. There was a slight increase in selling pressure due to the new RBI guidelines in India, which will prohibit regulated entities from working with individuals or companies that deal with cryptocurrencies.
ETH/BTC also remained in a range above 0.0540BTC. The pair continues to flirt with the 0.0550BTC pivot level and is currently trading well below the 0.0580BTC resistance.
Looking at the 6-hour chart of ETH/USD, there is a crucial breakout pattern in place with support around the $360.00 level, and an important bearish trendline formed with resistance near $380.00.
Therefore, the next move in Ether depends on the $360.00 support and $380.00 resistance. Should there be a bullish break above $380.00, the price could accelerate toward the $400.00 level.
On the other hand, if Ether’s price breaks the $360.00 support, it will most likely accelerate declines toward $350.00, which would put the pair at risk of heavy declines toward $300.00 in the near term.
Dropping down to the 2-hour chart of ETH/USD, there is a broad range formed with support at $360.00 and resistance at $420.00.
To sum up, Ether seems to be consolidating in a range above the $360.00 support, and it may possibly make the next move either above $380.00 or below $360.00 during the upcoming sessions.