Technically, the 6-hour chart indicators have moved into the bullish territory.
Ether Price Analysis
Yesterday, we discussed a possible bullish break above the $220.00 resistance in ETH/USD. The pair did move higher, breaking the $220.00 and $228.00 resistance levels before running into another hurdle around $235.00.
ETH/BTC also followed a similar pattern and tested the 0.0340BTC resistance. The pair is currently consolidating and could either correct lower to 0.0320BTC or trade higher toward 0.0350BTC.
Looking at the 2-hour chart of ETH/USD, the pair gained bullish momentum after it surpassed the $220.00 resistance. Ether surged higher and broke the $228.00 resistance plus the 50 Fibonacci retracement level of the last major slide from the $254.66 high to $203.56 low.
However, the price ran into another important resistance near $234.00-235.00. It represents the September 22 low and the 61.8 Fibonacci retracement level of the last major slide. More importantly, there is a bearish trendline in place with resistance at $234.00 on the same chart.
Ether’s price was rejected near $234.00 and declined sharply below $230.00. On the downside, there is a bullish trendline formed with support at $218.00. Moving up to the 6-hour chart of ETH/USD, the pair is forming a triangle pattern with resistance at $230.00 and support at $215.00.
Therefore, the next move in Ether could be either above $234.00 or toward $215.00. Should Ether break the $234.00 resistance, it could rally toward the $250.00 zone. On the flip side, a downside break below the $215.00 support might push the price back toward $203.00.
The overall price action is positive as long as ETH/USD is trading above the $218.00 and $215.00 support levels.