Technically, the 6-hour chart indicators are back in the bullish territory and gaining momentum.
Ether Price to Resume Uptrend
Yesterday, we saw the start of a new bullish leg in ETH/USD above the $313.00 resistance. The pair formed a new monthly high at $347.65 before starting a short-term correction.
On the flip side, the ETH/BTC pair is finding it hard to stay above the 0.060BTC support. On the upside, the 0.0620BTC and 0.065BTC levels are important hurdles.
Starting with the 6-hour chart of ETH/USD, there is a solid upward momentum. Yesterday’s break of the $313.00 resistance has opened the doors for a new bullish wave. At present, the pair is consolidating gains below an important resistance at $350.00.
A break above $350.00 and the 76.4 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low is on the cards considering the current market sentiment.
Moving on to the hourly chart of ETH/USD, there is a bullish flag pattern forming with support at $330.00. The pair recently traded near the 23.6 percent Fibonacci retracement level of the last wave from the $297.12 low to $347.65 high.
The current correction seems to be limited as long as the channel support at $330.00 is intact. Below the last, the price could test the next support at $320.00.
To the topside, a break above the recent high of $347.65 followed by $350.00 is required to be able to gather enough upward momentum to test the $380.00 level. In the short term, Ether’s rally may take a breather with range moves above $330.00.