Technically, the 2-hour chart indicators are moving higher in the bullish territory.
Ether Price Showing Bullish Signs
In the weekly forecast, we discussed how ETH/USD’s buyers need to gather momentum above $296.00 and $300.00 to challenge $311.00 once again. The pair did move higher and broke the $296.00 and $300.00 resistance levels.
However, the $311.00 resistance zone prevented further upsides once again and acted as a key barrier. On the flip side, the ETH/BTC pair declined and traded below 0.050BTC since bitcoin price traded to a new all-time high above $6,340.
Looking at the 2-hour chart of ETH/USD, there was a break above major contracting triangle with resistance near $296.00. It opened the doors for more upsides and the pair moved above the $300.00 and $305.00 resistance levels.
The pair challenged the $311.00 resistance on two occasions, but failed to overcome selling pressure. At present, Ether’s price is correcting lower and is trading below $310.00.
It seems like there is a crucial support forming near $298.00 on the same chart. A connecting bullish trendline is positioned at $298.00 to act as a strong buy zone.
Dropping down to the 30-minute chart of ETH/USD, there is a short-term bullish trendline forming with support at $305.00. On the upside, the $311.00 level is a monster hurdle for buyers. An hourly close above $311.00 is required for an upside drift toward $330.00.
To sum up, ETH/USD would need to advance beyond $311.00 to gain further upside momentum. An initial support is at $305.00 and Ether’s price has scope to retest $300.00, while further slides below it could see the pair testing an important support at $298.00.