Technically, the 4-hour chart indicators are back in the bullish territory.
Can Ether Price Retest $311?
Yesterday, ETH/USD succeeded in holding the $290.00 support area and moved above the $300.00 handle. However, the upside move was capped by a minor resistance at $306.00-$307.00.
Looking at the hourly chart of ETH/USD, the pair is showing a lot of bullish signs and positive price action from the $276.83 low. It recently traded above the $300.00 handle and formed a new intraday high at $307.59 before starting a short-term correction.
During the recent correction, the pair broke the 23.6 percent Fibonacci retracement level of the last wave from the $276.83 low to $307.59 high. Moreover, there was a break below a connecting bullish trendline at $300.00 on the same chart.
However, the downside move was protected by another bullish trendline with current support at $295.00. Ether is likely to hold the mentioned trendline support at $295.00. Should there be a break below $295.00, there can be a test of the $290.00 pivot level (acted as support and resistance on many occasions).
The 50 percent Fibonacci retracement level of the last wave from the $276.83 low to $307.59 high near $292.00 is also an important support before $290.00.
Moving on to the 4-hour chart of ETH/USD, there is broad range forming with support at $275.00 and resistance at $311.00. An intermediate pivot is at $292.00-$290.00. The pair is currently approaching this range, which would either prevent declines or ignite a downside reaction toward $275.00.
To sum up, there can be more ranging moves in Ether’s price before ETH/USD makes the next move either above $311.00 or below $275.00 in the near term.