Technically, the 2-hour chart indicators are slowly rising higher in the bearish territory.
Ether Price Analysis
There was no major move in ETH/USD either above $280.00 or below $260.00. The price mostly traded in a range above the $260.00 support, but there are a few positive signs developing on both the 2-hour and 6-hour chart.
ETH/BTC also traded in a range above the 0.0420BTC level. On the upside, a break above the 0.0440BTC and 0.0450BTC resistances is needed for a push into a bullish zone.
Looking at the 2-hour chart of ETH/USD, there is a decent support base formed around the $260.00 level. The price moved higher and settled above the $270.00 level and the 23.6 percent Fibonacci retracement level of the last decline from the $298.17 high to $259.56 low.
To the topside, there is a key resistance formed near the $280.00 level. More importantly, there is a crucial declining channel in place with resistance at $290.00. A proper break and close above the 61.8 percent Fibonacci retracement level of the last decline could push the price above the $290.00 level.
Moving up to the 6-hour chart of ETH/USD, the pair is trading inside a contracting triangle forming with support near the $260.00 level and resistance at $280.00.
Should there be a close above the triangle resistance and $290.00, the price may well climb above the $300.00 level in the near term. On the flip side, a bearish break below the $260.00 level will most likely ignite more negative moves toward the $250.00 and $240.00 levels.
