Technically, the 2-hour chart indicators are moving steadily in the bullish territory.
Can Ether Price Break $294-$298?
In the weekly forecast of ETH/USD, we saw many positive signs on the daily chart. The pair retained the bullish momentum intraday and was able to move above the $285.00 resistance.
Starting with the 2-hour chart of ETH/USD, there is a crucial resistance zone forming near $294.00-$298.00. The pair is struggling to break the mentioned resistance and already corrected once towards the $280.00 level.
On the downside, there are two bullish trendlines forming with support around $285.00. The mentioned $285.00 level prevented gains earlier and now it has turned into a key support.
The 23.6 percent Fibonacci retracement level of the last wave from the $252.03 low to $294.40 high is also near $285.00 to stop further declines. Having said that, Ether has to clear the $294.00-$298.00 resistance region to gain traction.
Should buyers continue to struggle above $295.00, there could be a downside break towards the 50 percent Fibonacci retracement level of the last wave from the $252.03 low to $294.40 high around $272.00.
Dropping down to the 30-minute chart of ETH/USD, there is a contracting triangle forming with resistance at $290.00 and support at $286.00.
A successful close above $290.00 could lift the bullish sentiment. Above $298.00, the pair would accelerate towards the $315.00-$320.00 area.
Further range trading seems the most likely prospect for ETH/USD in the short term, but a break above the $298.00 resistance would shift the focus to the upside for a move towards resistance at $315.00.