Technically, the 4-hour chart indicators started rising from the oversold levels.
ETH/USD Could Break Higher
The past few sessions were mostly flat, but ETH/USD held a crucial support at $360.00. It seems like the pair is preparing for an upside break above the $400.00 level in the near term.
Similarly, ETH/BTC continued to consolidate around a key pivot level at 0.0550BTC. The pair could make the next move higher toward the 0.0580BTC and 0.0600BTC.
The hourly chart of ETH/USD shows that the pair is consolidating the recent losses above the $360.00 level. Yesterday, it traded as low as $363.68, formed a support base, started an upward wave, and broke a connecting bearish trendline with resistance at $370.00.
The next resistance on the same chart awaits at $385.00. A break above this could signal further gains toward the $400.00 psychological level. Moving up to the 4-hour chart of ETH/USD, there is a strong support formed above the $360.00 level.
At present, the pair is attempting a close above a key bearish trendline with resistance at $380.00-385.00. Should the price gain bullish momentum and settle above $380.00, it could be a positive signal for further gains in the near term.
To the topside, the $420.00 level is a crucial range resistance and a pivot region. A 4-hour close above the mentioned level could push Ether’s price in a bullish zone.
On the downside, the $360.00-365.00 support area holds a lot of significance. Ether may possibly continue to consolidate in a range below the $400.00 level before it makes the next major move.