Technically, the 2-hour chart indicators are rising higher in the bullish territory.
Ether Price Analysis
Yesterday, we discussed that ETH/USD could slowly climb toward the $300.00 and $305.00 resistance levels. The pair did move higher, but upsides were capped by a crucial technical level at $297.00.
ETH/BTC stayed above the 0.0400BTC support area and later started an upside correction. The pair is recovering and may test the 0.0420BTC and 0.0425BTC resistance levels in the near term.
Looking at the 2-hour chart of ETH/USD, the pair settled above the $280.00 and $282.00 support levels. It climbed higher, broke the $290.00 resistance, and tested a key resistance at $297.00 and the 61.8 percent Fibonacci retracement level of the decline from the $321.12 high to $259.56 low.
A short-term high was formed at $297.73, and later the price corrected lower. However, declines were limited and Ether stayed above the $290.00 level (resistance turned support).
To the downside, there is major support formed near $282.00 and a bullish trendline on the same chart. Should Ether’s price fail to hold the $282.00 support, it could slide toward the $270.00 support and pivot level.
Dropping down to the 30-minute chart of ETH/USD, the pair is clearly following a bullish path above the $290.00 level. It seems like a short-term breakout pattern is in place, with support at $292.00 and resistance near $297.00.
The price is likely to make the next move above the $297.00 resistance and accelerate above the $300.00 level. Having said that, Ether buyers might find a strong hurdle near the $305.00 level.
On the flip side, a bearish break below $292.00 could initiate an extended downside correction toward the $282.00 and $280.00 supports.