Technically, the 12-hour chart indicators are about to move into the bullish territory.
Ether Price Analysis
There were bullish moves above the $207.00 and $210.00 support levels in ETH/USD. The pair broke the key resistance at $215.00 and surpassed the $220.00 barrier to move into a positive zone.
ETH/BTC also slowly and steadily climbed toward the 0.0340BTC level. It seems like the pair may continue to move higher toward the next major resistance at 0.0350BTC.
Starting with the 12-hour chart of ETH/USD, the pair formed a significant low at $167.73. The pair started an upward move and traded above the $200.00 barrier plus the 23.6 Fibonacci retracement level of the downward move from the $302.25 high to $167.73 low.
More importantly, the pair surpassed a major bearish trendline with resistance at $222.00 on the same chart. These all are positive signs, but the price is now approaching the next crucial resistance near $235.00.
The $235.00 level was a support earlier and now it represents the 50 Fibonacci retracement level of the downward move. Should Ether buyers succeed in clearing the $235.00 resistance, the price could test the $250.00 resistance.
The 2-hour chart of ETH/USD suggests that the pair is placed nicely in a bullish zone above the $210.00 and $215.00 levels. Ether’s price cleared an important contracting triangle at $215.00 and traded higher toward the $230.00 level.
If there is a short-term downside correction, the previous resistance at $220.00 and $215.00 are likely to hold losses. Overall, Ether is placed in an uptrend and there are high possibilities of a push toward $250.00 in the near term.