Technically, the 2-hour chart indicators are showing signs of a slow recovery.
Ether Price Remains Range Bound
The ETH/USD pair mostly traded in a range and remained well bid above the $295.00 and $290.00 support levels. On the other hand, ETH/BTC could not capitalize on yesterday’s move and declined back toward the 0.050BTC support.
Looking at the 30-minute chart of ETH/USD, there are a few positive signs building above the $295.00 support. There were 2-3 attempts to break the mentioned $295.00 support, but sellers failed to gain momentum.
As a result, there was an upside move and the pair broke a bearish trendline at $297.50. However, there was no real momentum after the break and Ether’s price remains in a tight range.
On the downside, there is a short-term bullish trendline with current support at $296.00. Below $296.00, the next support comes at $295.00, which is a strong intraday barrier for further slides. Looking at the current price action, it seems like the value might retest the $295.00 support before making an upside attempt.
Switching to the 2-hour chart of ETH/USD, there are two connecting bullish trendlines forming with support near $294.00. These trendlines must hold any downside move today. Should there be a break and close below $294.00, the price could decline and test the next important support at $290.00.
To the topside, the pair is facing a huge sell wall near $300.00. Buyers need to build a strong momentum in order to clear the $300.00 resistance for a move toward $310.00-$311.00.
To sum up, ETH/USD’s short-term technical structure suggests an improving buying interest but remains within familiar ranges, and the pair needs to surpass $300.00 to gain upward momentum.