ETH/USD Forecast: Bullish Bias Intact
|ETH/USD managed to close above the $340.00 level and started trading in a range.|
|A close above $360.00 could increase bullish pressure, resulting in further upsides.|
|ETH/BTC pair is stable and consolidating above 0.140BTC.|
Technically, the 2-hour chart indicators are positioned near mid-lines and pointing range moves.
Ether Price Forming Range Pattern
After yesterday’s recovery, ETH/USD managed to settle above the $340.00 level. On the other hand, ETH/BTC pair is trading in a confined range above 0.140BTC and preparing for the next move.
When looking at the 30-min chart of ETH/USD, there are a few important points to note:
- The $340.00 level acted as a resistance on two occasions, but buyers finally succeeded in pushing the price above it.
- The same level ($340.00) is now acting as a support, and coincides with the 50% Fibonacci retracement level of the last wave from the $320.00 low to $358.00 high.
- There is a range pattern forming with support at $340.00 and resistance near $360.00.
- An Intraday support is at $320.00, which must remain intact for this week’s trend.
As long as Ether’s price is trading inside the highlighted range pattern, there should be limited action. Once there is a break and close above $360.00, buyers may attempt to gain momentum for a move towards $380.00 or higher.
Below $340.00, the price may move towards the next important support at $320.00. If we look at the 2-hour chart of ETH/USD, the pair is trading near a major pivot area. The $350.00-360.00 area acted as a support and resistance many times earlier.
A close above $360.00 could be a defining moment for the current wave. The next major hurdle rests at $400.00. On the downside, the $320.00 and $300.00 supports can be considered as significant buy levels.
Overall, it seems like Ether price is ending the week hovering above a few key support levels, managing to successfully complete a much needed correction.