Technically, the daily chart indicators are mostly flat in the bullish territory.
Ether Price to Break Higher Soon?
This past week was mostly flat for Ether with a couple of bearish swing moves toward $290.00 and $275.00 against the US dollar. Later, ETH/USD recovered well and moved back above the $290.00 support.
On the other hand, it was a strong bearish week for ETH/BTC. The pair tumbled below 0.050BTC and traded to a new seven-month low below 0.040BTC before starting a short-term consolidation.
Starting with the daily chart of ETH/USD, there is a major horizontal channel forming with support at $275.00 and resistance near $311.00. There is also a connecting bearish trendline forming with current resistance at $310.00 on the same chart.
Above $310.00, there is another crucial bearish trendline forming with resistance at $320.00. Therefore, there are two important resistance levels forming for further gains - $311.00 and $320.00.
The last daily candle is showing strong bullish signs, but buyers need to gain momentum above $311.00 to break the shackles for an upside drift toward $320.00 or even $350.00.
A break above $350.00 and the 76.4 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low is a must for ETH/USD to challenge the last swing high at $395.41.
On the downside, the $275.00 support holds a lot of significance, and a break below this could open the doors for further losses toward the $250.00 support region.
Dropping down to the 2-hour chart of ETH/USD, there is strong resistance at $311.00 and support at $275.00. An intermediate support is near $290.00, which is serving as a pivot zone for Ether.
The medium-term trend is bullish for Ether, but it would need a strong push above $311.00 and $320.00 for buyers to be back in action.