Ethereum Price Analysis: Ether Price Extends Recovery
|Ether recovered well and traded above the $310.00 resistance against the US dollar.|
|There is a bullish trendline with support at $300.00 forming on the 30-minute chart of ETH/USD.|
|ETH/BTC extended its recovery and moved towards the 0.072BTC resistance.|
Technically, the 2-hour chart indicators are starting to move higher in the bullish territory.
Ether Price Eyeing Further Gains
Yesterday, we discussed that as long as the ETH/USD pair is above $275.00, it can recover. The pair did recover above $300.00 and traded with a positive bias during the past few sessions.
The ETH/BTC pair also gained traction and was able to move above 0.071BTC towards the next immediate resistance at 0.072BTC.
Starting with the 30-minute chart of ETH/USD, the pair recently moved above the $302.00-304.00 resistance. The upside move was positive with a few back-to-back green candles.
A new weekly high was formed at $316.17 where the 61.8 percent Fibonacci retracement level of the last drop, from the $341.68 high to $281.12 low, prevented further upsides. The pair started correcting lower and is currently trading below the $310.00 level.
An initial support is around $302.00 (resistance turned support). The next support is near a bullish trendline at $300.00. The most important support is around the 50 percent Fibonacci retracement level of the last wave from the $281.12 low to $316.17 high at $299.00.
Therefore, the $302.00-$299.00 area is a crucial support for the current recovery. If Ether’s price stays above $300.00, it would move back towards the $316.00 level.
Moving on to the 2-hour chart of ETH/USD, the pair is currently attempting a close above a key resistance near $308.00-$310.00. If it succeeds, it could head towards a bearish trendline with resistance at $322.00.
To sum up, Ether’s price retains a short-term positive tone, given that in the 2-hour chart, ETH/USD remains above its 50 SMA and is losing its downward strength.