Technically, the hourly chart indicators are well above their midlines and gaining momentum.
Can Ether Price Retain Momentum?
Yesterday, we saw how Ether buyers battled near $276.00 and prevented further declines against the US dollar. Later, the price was able to gain further strength and succeeded in piercing the $290.00 resistance.
The ETH/BTC pair also recovered more than 4 percent and was able to move above 0.040BTC. It needs to stay above the mentioned 0.040BTC for a decent recovery in the near term.
The 4-hour chart of ETH/USD suggests how the pair found strong bids near a crucial support at $276.00-$275.00. There was a solid bounce and the pair is currently attempting a 4-hour close above the $290.00 resistance and a bearish trendline on the same chart.
Should there be a 4-hour close above $290.00, Ether’s price could even break $300.00 for a run towards the all-important $310.00 resistance.
Dropping down to the hourly chart of ETH/USD, a bullish candle overlapped the previous candle to initiate a strong recovery. The pair gained momentum, broke a bearish trendline at $288.00, and settled above the 50 percent Fibonacci retracement level of the last drop from the $311.32 high to $276.83 low.
It seems like the price is now heading toward $300.00 and will most likely break the 61.8 percent Fibonacci retracement level of the last drop from the $311.32 high to $276.83 low.
Above $300.00, the next major upside hurdle sits at $310.00-$311.00. In the way, a minor resistance stands at $306.00. To the downside, soft support in ETH/USD is at $292.00. Below this, the $290.00 level is another support (previous resistance) and further declines would turn the focus to the all-important $276.00 support.
The overall bias is positive in the short-term and immediate risk is tilted to the upside toward $300.00 and higher as long as $290.00 is intact.