Technically, the 12-hour chart indicators are slowly recovering in the bearish territory.
Ether Price Weekly Analysis
This past week, there was no major action as ETH/USD mostly traded in a $30.00 range. The pair stayed above the $260.00 support, but it struggled to clear a strong resistance zone near the $280.00-$290.00 zone.
On the contrary, ETH/BTC remained in a bearish zone below the 0.0450BTC resistance. The pair even failed to hold the 0.0415BTC support and traded close to the 0.0400BTC support. It is currently consolidating losses and may correct higher toward 0.0420BTC and 0.0440BTC.
Let’s start with the 12-hour chart of ETH/USD to understand the current price action above the $260.00 support area. The pair climbed higher on a few occasions, struggled to gain momentum, and formed lower highs near $321.00, $298.00, and $283.00.
More importantly, there are two important bearish trendlines formed with resistance near $280.00-290.00 on the same chart. Should there be a close above these trendlines, the price could gain momentum and trade above the $300.00 handle in the coming days.
On the downside, there is a connecting bullish trendline in place with support near $260.00, below which the price will most likely retest the $250.00 support. Any further losses may possibly increase selling pressure on Ether for a test of the $220.00 support.
Moving down to the 2-hour chart of ETH/USD, the pair seems to be trading in a range above the $270.00 support. To the topside, there is a horizontal resistance at $283.00 and a bearish trendline with resistance at $286.00.
Overall, Ether seems to be facing a lot of hurdles above the $280.00 level. A successful daily close above $280.00 and $290.00 will most likely boost bullish sentiment in the near term. If not, the price might continue to slowly decline toward the $250.00 support.