Technically, the 4-hour chart indicators just moved into the bullish territory.
Ether Price Analysis
Yesterday, we discussed that upsides are favored in ETH/USD once it succeeds in surpassing the $280.00 resistance. The pair did rise during the past two sessions and broke the $280.00 and $285.00 resistances.
On the other hand, there was a fresh bearish wave in ETH/BTC below the 0.0415BTC level. The pair is currently trading above the 0.0400BTC support and remains at a risk of more declines. Bitcoin price moved above the $7,000.00 resistance today, increasing selling pressures on ETH/BTC.
Starting with the 30-minute chart of ETH/USD, the pair consolidated above the $275.00 support for a few hours and later surged higher. During the rise, the price broke the $280.00 and $285.00 resistance levels to move into a short-term bullish zone.
Later, there was a tiny correction, but Ether’s price regained traction and broke a connecting bearish trendline with resistance at $286.00 to trade toward $290.00. The price is currently placed nicely above a bullish trendline with support at $287.00.
Should Ether decline below the trendline and the $285.00 support, it could test the $278.00-280.00 support area. The most important support on the 30-minute chart is at $275.00, followed by the $270.00 support base on the 4-hour chart of ETH/USD.
The current price on the 4-hour chart is positive, but Ether buyers are facing many challenges on the upside near the $300.00 handle. An initial resistance is near $297.00 and the 61.8 percent Fibonacci retracement level of the decline from the $321.12 high to $259.56 low.
Additionally, there is a strong barrier near the $300.00-305.00 zone, which acted as a support and resistance on many occasions. Therefore, a break above $300.00 and $305.00 won’t be easy. The short-term technical structure is bullish with possibilities of a push toward $297.00 and $300.00.