Technically, the 2-hour chart indicators remain elevated in the bullish territory.
Ether Price to Break $311.00 Soon?
Yesterday, we discussed an intraday support near $305.00 in ETH/USD, which held the last downside move recently and prevented sellers from pushing the pair toward $300.00.
However, Ether buyers are still struggling to break the all-important $311.00 resistance. It acted as a barrier for further gains once again, prompting another short-term correction.
Looking at the 6-hour chart of ETH/USD, there are many bullish signs. First, the pair broke a crucial bearish trendline with resistance at $302.00, which has opened the doors for more upsides. Second, there is a major bullish trendline forming with current support at $300.00.
Finally, it seems like the pair is forming a consolidation pattern before the next move up. Above the $311.00 resistance, Ether could head toward the 61.8 percent Fibonacci retracement level of the last drop from the $352.70 high to $275.04 low at $323.00.
On the downside, the $300.00 support region would continue to act as a strong buy zone in the near term. Moving on to the 2-hour chart of ETH/USD, there were back-to-back rejections near $311.00. Having said that, the current price action is positive and suggests an upside break sooner or later.
Today’s support is seen near a connecting bullish trendline on the same chart at $306.00. Below the mentioned $306.00, the next major support sits at $302.00-$300.00.
Overall, follow-through beyond the $311.00 resistance should spark further upsides in the short term, and see the pair trading up to $323.00. Above $323.00, the $330.00 level would be the next target.