Technically, the 4-hour chart indicators turned sharply higher in the bullish territory.
Ether Price Upside Break Confirms Bullish Signal
In the weekly forecast, we discussed how Ether’s price would continue its uptrend and move higher once it breaks an important trend resumption pattern (bullish flag) at $302.00.
The ETH/USD pair did gain momentum and was able to overcome strong offers near $300.00-302.00. As a result, the pair surged higher and took out a couple of key resistance levels at $305.00 and $310.00.
It even surpassed the last swing high of $319.06, reaching a new monthly high of $325.66. Looking at the 4-hour chart, there is a clear bearish trendline break visible at $300.00.
Going forward, the price needs to settle above the $320.00 level (H4 candle close) in order to continue gaining momentum. Should there be an H4 close above $320.00, the price could aim to test the $340.00 resistance zone.
Moving on to the hourly chart of ETH/USD, the pair broke an ascending channel pattern at $300.00 and a horizontal resistance at $299.00. Now, it seems like after trading to a new high, the pair has started a consolidation.
An initial support sits at 23.6 percent Fibonacci retracement level of the recent leg from the $284.05 low to $325.66 high at $315.00. It may range trade for a few hours before making an attempt to surpass $325.66.
The overall trend is super bullish for ETH/USD. If the pair closes above $320.00, it would open the doors for further upsides, initially towards $330.00 and then to $340.00.