Technically, the 6-hour chart indicators are about to move into the bullish territory.
Ether Price Analysis
During the past two sessions, there were positive moves in ETH/USD above the $270.00 support. The pair moved higher and broke the $280.00 and $285.00 resistances to climb into a bullish zone.
ETH/BTC remained confined in a tight range above the key 0.0400BTC support. It seems like the pair is about to complete a correction pattern and could move higher toward 0.0420BTC.
Starting with the hourly chart of ETH/USD, the pair recently gained traction near the $272.45 low and surged higher. It tested the $285.00 resistance zone, corrected lower below $280.00, and finally resumed its upward move.
During the rise, Ether’s price broke a key bearish trendline with resistance at $280.00, clearing the way for a push above the $285.00 resistance. The price also surpassed the 50 percent Fibonacci retracement level of the recent drop from $296.28 to $272.45.
The current technical structure on the hourly chart suggests that the price is moving nicely in a positive zone with the support base at $285.00, $280.00, and a bullish trendline.
The 6-hour chart of ETH/USD is also indicating a bullish formation above the $270.00 support. The pair recently retested the previous bearish trendline at $273.00, which acted as a strong support. It is currently forming a breakout pattern with resistance near $285.00.
A successful 6-hour close above the trendline and $285.00 will most likely set the pace for more upsides in Ether toward the $295.00 and $300.00 levels in the near term.