Technically, the hourly chart indicators are placed nicely in the bullish territory.
Ether Price Analysis
This week, we discussed an important resistance zone near $300.00 and $306.00 for ETH/USD. Finally, the pair made a nice upward move above $306.00 and traded toward the $320.00 level.
Additionally, there were more gains in ETH/BTC above the 0.0460BTC level. The pair cleared the 0.0475BTC resistance, opening the doors for a push toward the 0.0490BTC and 0.0500BTC resistances.
Looking at the hourly chart of ETH/USD, the pair formed a solid support near $280.00 and started an upward move. The pair struggled a few times near the $300.00-306.00 resistance area, but Ether buyers finally had the upper hand.
The price moved higher and traded as high as $321.12 before correcting lower. It declined a few points and traded toward the broken resistance near $305.00-306.00, which acted as a support.
There is also a bullish trendline formed with support at $304.00 and the 38.2 percent Fibonacci retracement level of the recent wave from the $276.86 low to $321.12 high. The most important support is $300.00 and the 50 percent Fibonacci retracement level.
Moving up to the 6-hour chart of ETH/USD, the pair is showing positive signs with a close above $300.00. It seems like Ether’s price will could continue to move higher toward the $330.00 resistance. Above this, the next significant hurdle for buyers is $350.00 (the previous crucial support).
On the downside, there is a key bullish trendline forming from lows with support at $298.00. Overall, the current price action suggests a positive technical structure above the $300.00 and $298.00 supports on both the hourly and 6-hour chart of ETH/USD.