Technically, the 2-hour chart indicators are looking to move from the bearish to bullish territory.
Ether Price Forming Base for Upside Move?
Despite meeting renewed buying interest, Ether failed to post gains against the US Dollar and Bitcoin. It mostly traded in a range and looks like consolidating for the next move.
However, there are a few positive signs on the 2-hour chart of ETH/USD, as the pair broke a couple of resistance levels near $43.00. There was a bearish trend line which was cleared recently at $43.10, but there was no real momentum after that.
The price slowly moved down, but the same trend line slope is now acting as a support. A bullish trend line is now positioned on the downside at $43.00 to act as a support.
It looks like the 50% Fibonacci retracement level of the last decline from the $47.09 high to $41.27 low is acting as a resistance and preventing further gains. If the price holds the highlighted trend line support above $43.00, it may challenge the $44.10 resistance again.
On a positive note, the recent downward pressure on Ether is easing, and the odds for extension towards $40.00 have diminished. We need to see whether the current rebound can help the price to break through the $44.10 and $45.00 resistance levels or not.
Looking at the 6-hour chart of ETH/USD, it looks like the pair is currently trading near crucial juncture. There are two bearish trend lines acting as a resistance and preventing further gains above $45.00. If the price succeeds in breaking that resistance, bullish focus may shift towards a sustained buying interest beyond $47.00, surpassing the horizontal resistance.
However, a decisive weakness back below the $41.00 support, would negate any expectations of further lateral movement in the short term.