Technically, the 2-hour chart indicators are aligned perfectly in the bullish territory for further upsides.
Ether Price Short-term Correction Underway
The ETH/USD pair closed the week on a positive note, trading at a new intraday high of $337.31. On the other hand, ETH/BTC closed a dull and bearish week that kept the pair below the 0.080BTC level.
The 2-hour chart of ETH/USD highlights a picture perfect bullish trend. The pair started an uptrend from the $285.00 swing low and traded as high as $345.24. Later, it corrected lower to $290.00 and is currently recovering nicely in a bullish path.
There is a crucial ascending channel forming with support at $325.00. The pair recently tested the channel resistance below $340.00 before moving down.
At present, the pair is trading near the channel support area at $325.00 that holds a lot of significance in the short term. Below $325.00, there would be a decline towards a key connecting bullish trendline at $320.00.
The $325.00 and $320.00 support levels would contain further slides in Ether’s price. Should there be a break below $320.00, the price could test the $305.00 support zone.
The 30-minute chart of ETH/USD also suggests the importance of the $325.00 support. There is a bullish trendline and a horizontal support in place at that mark.
On the upside, there is a bearish trendline forming with resistance at $328.00. A successful close above $328.00 would complete the current correction wave and push the price back towards $340.00.
Bullish scenario sees a lift in ETH/USD above initial barriers at $335.00 for a retest of $337.31 and a final push towards a target of $340.00.