Technically, the 2-hour chart indicators are pointing to a short-term range in the bullish territory.
Ether Price forming Range
There were a couple of swing moves in ETH/USD during the past two sessions. The pair made an attempt to settle above $350.00, but failed and moved toward $335.00.
Looking at the 30-minute chart of ETH/USD, the pair seems to be following a nice bullish path. It remains supported above $338.00 and a key bullish trendline at $340.00.
The pair recently formed a new monthly high at $352.70 and corrected lower. It tested the 38.2 percent Fibonacci retracement level of the last upside wave from the $318.56 low to $352.70 high. At the moment, the pair is following the trendline and will most likely continue moving higher toward $345.00-350.00.
The $348.00-350.00 resistance zone holds the key for further upsides. A successful close above $350.00 could trigger gains toward $360.00 or even $380.00.
On the flip side, a break below the trendline support at $340.00 would ignite a downside reaction toward the 50 percent Fibonacci retracement level of the last upside wave from the $318.56 low to $352.70 high.
Moving on to the 2-hour chart of ETH/USD, there is a range forming with support at $320.00 and resistance near $350.00. The price action at this moment is positive and calls for an upside push.
To sum up, the upward scope in Ether seems limited by selling interest on approaches to $350.00. A decisive breakout above $350.00 may encourage a further increase toward $360.00. On the other hand, weakness below $340.00 may open the doors back toward $320.00.