Technically, the 2-hour chart indicators are signaling a fresh bullish wave.
Ether Price Analysis
Yesterday, we discussed a significant support zone near $350.00-360.00 for ETH/USD. The pair did test the $350.00 support and attempted a recovery, but progress was capped by the $365.00 resistance.
ETH/BTC found bids near the 0.0560BTC level and is currently trading in a range. The pair could correct higher to test the 0.0580BTC resistance.
Looking at the 30-minute chart of ETH/USD, the pair tested the $350.00 support on two occasions and rebounded. It moved above the $356.00 level and traded a few points above $360.00. Moreover, the price breached the 50 Fibonacci retracement level of the most recent drop from the $369.36 high to $348.53 low.
Ether buyers succeeded in keeping the price above $360.00, which is a positive sign. However, the price must settle above $365.00 and a bearish trendline on the same chart to rise further.
Should Ether fail to settle above $365.00, the price will most likely retest $350.00. The next key support below $350.00 awaits near $340.00, which is a Fibonacci extension level.
Moving up to the 2-hour chart of ETH/USD, it seems like the pair is preparing for the next break which could either be toward $365.00 or $350.00.
Considering the current oversold conditions and technical structure, there are high chances of an upward move in Ether and a reasonable recovery toward the $365.00 and $378.00 levels. Should it continue to climb, the price may well test the broken support at $400.00 (now resistance).