Technically, the 30-minute chart indicators are recovering from the oversold levels.
Can Ether's Price Hold $275?
It was a bad day for Ether buyers as bitcoin's price continued to surge higher and moved above the $7,000 mark, which ignited sharp declines in both ETH/USD and ETH/BTC.
ETH/BTC was the worst performer since it declined below the 0.040BTC handle and traded to a new seven-month low. It is really struggling to recover and is putting a lot of pressure on ETH/USD as well.
Starting with the 4-hour chart of ETH/USD, the $310.00 resistance proved to be a monster hurdle for buyers and pushed the pair back toward $275.00. Many bearish candles were formed during the past four sessions, suggesting an increase in the bearish pressure on Ether.
However, the $275.00-$276.00 support is a major buy zone and it has already stalled the recent slide. The mentioned support holds a lot of importance since it is the 50 percent Fibonacci retracement level of the last wave from the $200.91 low to $352.69 high.
The current 4-hour candle is bullish and showing rejection signs, but we need more signs on the lower time frame chart for a confirmation. Looking at the 30-minute chart of ETH/USD, the pair broke a bearish trendline at $280.00 and formed a double bottom at $276.00.
These are great signs as long as Ether is above $276.00-$275.00. Should the price continue moving higher, there could be a recovery toward a bearish trendline at $290.00 on the same chart.
A successful close at $290.00 could decrease the current bearish pressure on Ether. Above $290.00, the next resistance is at $298.00. To the downside, ETH/USD should hold $275.00, but a break below this could send the pair toward $260.00.