Technically, the 2-hour chart indicators are near midlines in the bearish territory.
Ether Price Analysis
During the past few sessions, ETH/USD mostly traded in a thin range above the $260.00 and $270.00 support levels. The pair recently tested the $280.00 resistance, but it failed to gain bullish momentum.
ETH/BTC started a short-term consolidation above the 0.0415BTC support. On the upside, an hourly close above the 0.0420BTC resistance may push the price toward the 0.0450BTC resistance.
Starting with the 2-hour chart of ETH/USD, there are a few positive signs emerging above the $270.00 support. The pair broke a key bearish trendline with resistance at $274.00. However, Ether failed to gain bullish momentum and struggled to break the significant resistance at $280.00.
It seems like Ether’s price failed to settle above the 50 percent Fibonacci retracement level of the last slide from the $298.98 high to $259.56 low. The price topped out at $279.62 and retreated toward the $275.00 support area.
Should there be a break below the $275.00 support, the price could test a connecting bullish trendline with support at $272.50 on the 30-minute chart. The most important support awaits at $270.00 (the range support), below which the price is likely to test the $260.00 support.
As for the technical picture, Ether’s price is short-term bullish, holding above $270.00 and the 21 moving average in the 2-hour chart. The upside is favored once ETH/USD succeeds in surpassing the $280.00 resistance.
To sum up, the current price action is indicating a positive bias, and a push above the $280.00 resistance will mostly clear the path for a new weekly high and a possible test of the $300.00 handle.