Technically, the hourly chart indicators are pointing toward an extended range pattern.
What’s Major Hurdle for Ether Price?
There was no major move during the past few days in ETH/USD, but the outlook was not negative as the pair stayed above a few important support levels such as $290.00 and $275.00.
Let’s start with the 4-hour chart of ETH/USD, which points to a major upside hurdle near $295.00. It seems like a major bearish trendline with a current resistance near $295.00 acting as a barrier for further upsides.
Earlier, the pair was rejected from the $275.00 support region and recovered well above the $300.00 level. However, the upside move was capped by the 50 percent Fibonacci retracement level of the last leg down from the $352.70 high to $275.04 low.
After the failure to settle above $310.00-311.00, the pair started a brief consolidation with slight bearish bias. There is a range pattern forming with support above $290.00 and resistance close to $300.00.
On the upside, the first bearish trendline on the same chart can be considered as an initial breakout point at $295.00. Above the mentioned $295.00, the pair faces a key resistance at $310.00. Should there be a close above $310.00, there can be an upside drift toward $340.00 or even $350.00.
On the downside, an initial support is near $290.00, but the most important support is at $275.00. Moving on to the hourly chart of ETH/USD, there is a clear broad range forming with support at $292.00 and resistance at $298.00.
A break on either side would set the pace for the next move either above $300.00 or below $290.00. The overall trend is bullish, but there can be more ranging moves below $300.00 before the next leg.