Technically, the 12-hour chart indicators moved higher in the bullish territory.
Ether Price Resistance Turned Support
This past week was action-packed as the ETH/USD pair finally gained momentum and was able to surpass a major resistance area near $313.00. It traded above $340.00 and formed a new monthly high at $347.65.
On the other hand, the ETH/BTC pair remained under heavy selling pressure, failing to hold the 0.060BTC support area. ETH/BTC’s bearish market sentiment is impacting ETH/USD’s rally in the short term.
Looking at the 12-hour chart of ETH/USD, the pair succeeded in overcoming selling pressure near a major resistance at $313.00-314.00. The last three candles on the chart are pointing to a strong rise in bullish sentiment and suggests that the recent break was convincing.
The pair traded as high as $347.65 and almost tested the 76.4 percent Fibonacci retracement level of the last major downside wave from the $395.41 high to $200.91 low at $349.50.
On the downside, the broken resistance near $313.00 would now serve as a key support if the pair corrects lower from current levels. Below $313.00, there is a crucial bullish trendline forming with support at $302.00 on the same chart.
As long as the pair remains above the $302.00-300.00 support levels, it should continue the uptrend and poise for more gains in the near term. Moving on to the 2-hour chart of ETH/USD, there is a consolidation pattern forming with support above $330.00 and resistance at $347.00.
Below the consolidation support, the next major support is at $320.00. To the topside, a successful close above $347.00 is required for a push above $349.50 and $350.00.
Overall, the market sentiment is very bullish for ETH/USD. The upcoming Byzantium fork could have a huge impact and will most likely ignite further upsides towards $360.00 or $380.00.