Technically, the 2-hour chart indicators are currently near midlines in the bullish territory.
Ether Price Analysis
This past week, we saw a decent rebound in ETH/USD above the $280.00 and $300.00 resistance levels. The pair traded as high as $321.21 and is currently correcting lower.
Similarly, there was a correction in ETH/BTC from the 0.0415BTC support. The pair broke the 0.0450BTC and 0.0465BTC resistance levels before it found sellers above 0.0475BTC. It must stay above the 0.0450BTC support to challenge 0.0475BTC once again.
Let’s start with the daily chart of ETH/USD that indicates a positive technical structure from the $250.00 support. There was a bullish candle pattern formed, resulting in an upward move above $280.00 and $300.00.
However, Ether’s price is facing many hurdles near the $330.00 resistance and two bearish trendlines with resistance at $325.00 and $390.00. Should buyers succeed in pushing Ether above $325.00-330.00, the price may test the $250.00 and $290.00 resistance levels.
Conversely, a failure to surpass the stated resistances could restart a downward move toward $260.00 and $250.00. Dropping down to the 2-hour chart of ETH/USD, the pair recently topped out at $321.12 and corrected below the $300.00 support and the 50 percent Fibonacci retracement level of the recent wave from the $276.86 low to $321.12 high.
The price is currently holding a key support near the $280.00-284.00 levels. More importantly, there is a crucial ascending channel in place with support at $284.00. Therefore, the price could bounce back and break the $300.00 resistance level as long as it is above the channel support.
Should Ether fail to hold the $280.00 support, it will most likely resume its downtrend and drop to $260.00 and $250.00. Overall, the current price action is positive, but buyers are facing many challenges starting with $300.00 and up to $350.00.