Technically, the 12-hour chart indicators are moving higher toward midlines in the bullish territory.
Ether Price Weekly Analysis
During the past few days, there were a couple of positive moves in ETH/USD above the $200.00 pivot level. The pair made an attempt to break the $250.00 and $235.00 resistance levels, but buyers failed to hold gains.
On the other hand, ETH/BTC traded with positive momentum above the 0.0300BTC support. There was a minor downside correction, but the pair found support and later moved above the 0.0340BTC and 0.0350BTC resistance levels.
Let’s start with the 12-hour chart of ETH/USD to understand the importance of the $235.00 resistance. First, the 50 percent Fibonacci retracement level of the last major decline from the $302.26 high to $167.73 low is around $235.00. More importantly, there is a crucial contracting triangle formed, with resistance at $235.00 and support near $220.00.
Therefore, Ether’s price is likely to make the next move either above $235.00 or below $220.00. If buyers succeed in placing the price above the $235.00 resistance, there could be a sharp upward move toward the $250.00 and $275.00 resistance levels.
On the other hand, a bearish break below the triangle support at $220.00 will most likely push the price back in a negative zone toward $220.00 or $180.00.
Dropping down to the 2-hour chart of ETH/USD, the pair seems to be following a key ascending channel, with current support at $219.00. Ether recently cleared a connecting bearish trendline with resistance at $229.00, but upsides were capped by the channel resistance.
The price is currently trading in a range above the broken trendline and the $226.00 support. The overall price action and technical structure on the 2-hour chart is positive above $220.00. In the short term, there could be a minor downward move, but Ether buyers will most likely attempt to clear the $235.00 and $240.00 resistances in the coming sessions.