Technically, the 6-hour chart indicators are moving higher in the bullish territory.
Ether Price Analysis
Yesterday, we discussed possibilities of a push toward $250.00 in ETH/USD. The pair did trade higher, broke the $230.00 and $235.00 resistances, and tested the $250.00 resistance zone.
Similarly, there were positive moves in ETH/BTC above the 0.0330BTC support. The pair traded above the 0.0340BTC and 0.0350BTC resistances to climb further into a positive zone.
Starting with the hourly chart of ETH/USD, the pair broke the $235.00 resistance and even spiked above the $250.00 level. A fresh weekly high was formed at $254.66 and the price started a downside correction. Ether’s price tested the 23.6 Fibonacci retracement level of the recent upward move from the $196.72 low to $254.66 high.
It seems like there is a decent support forming near the $238.00-240.00 region and a key bullish trendline on the same chart. Below the trendline, the price could test the previous resistance (now support) at $235.00 and $230.00.
There is also a crucial bullish trendline with support at $220.00 on the 6-hour chart of ETH/USD. An intermediate support is the 50 Fibonacci retracement level of the recent upward move at $225.00.
Therefore, if Ether continues to move down, buyers are likely to protect losses near the $230.00-235.00 zone. To the topside, the $250.00 resistance is a significant barrier for more gains, above which the price may rise toward the $270.00 level.
To sum up, there are many positive signs emerging on both the hourly and 6-hour charts, indicating more upsides above $250.00 in the near term.