Technically, the 2-hour chart indicators failed to move in the bullish territory, but remains stable.
Ether Price to Trade Higher?
There was a slow and steady decline in ETH/USD from the $316.37 swing high. The pair failed to gather momentum toward $320.00 and started a downward move.
On the other hand, the ETH/BTC pair managed to find bids and started a recovery toward the 0.055BTC resistance where it would face a strong selling interest.
Looking at the 2-hour chart of ETH/USD, the pair is following a declining pattern from the recent $316.37 high. There is a bearish trendline with resistance at $307.00, which is acting as a hurdle for an upside break and preventing buyers from taking control.
Should there be a break and close above $307.00, the pair will most likely resume its short-term uptrend and trade toward the $315.00 level. Steady gains beyond this would push Ether toward the next major resistance at $320.00.
Moving on to the 30-minute chart of ETH/USD, the pair seems to be attempting an upside break above a bearish trendline at $305.00. However, a proper 2-hour or hourly close above $307.00-$308.00 is required for Ether to gain traction.
On the downside, the 50 percent Fibonacci retracement level of the last wave from the $288.04 low to $316.37 high is at $302.00 to prevent declines in Ether’s price.
As for the technical picture, the 30-minute chart of ETH/USD shows that the pair continues hovering near important support levels. An acceleration through the $307.00 resistance should lead to an advance up to the $315.00 price zone, while a crucial static resistance comes at $320.00.