Technically, the hourly chart indicators managed to crawl back in the bullish territory.
Ether Price Forming Breakout Pattern
Yesterday, we saw a key downside break in ETH/USD that pushed the pair back below $300.00. However, the move found support near $290.00 and $288.00.
On the flip side, the ETH/BTC pair is once again under bearish pressure as sellers are attempting a close below the 0.040BTC support, which could trigger more declines.
Starting with the hourly chart of ETH/USD, there was a bullish trendline break at $297.00. The pair traded as low as $287.67 from where it started an upside move. Buyers managed to gain momentum and pushed the pair above the 50 percent Fibonacci retracement level of the last drop from the $304.77 high to $287.77 low.
There is an ascending channel forming with current support at $296.00 and resistance near $301.00. Above $301.00, there is a connecting bearish trendline positioned at $302.50, which acts as a major hurdle.
The recent recovery was positive, but Ethers buyers are facing many resistances on the upside, such as $302.50, $304.00, and $311.00. The 4-hour chart of ETH/USD suggests that the pair is forming a crucial contracting triangle with resistance near $304.00.
The last decline in Ether’s price was from the triangle resistance near $305.00. The price is once again heading toward the same triangle resistance, currently at $304.00.
On the downside, the triangle support sits at $290.00. It seems like Ether will continue to move inside the triangle before it makes the next move, either above $304.00 or below $290.00. A break of $304.00 could take ETH/USD toward $311.00, and downside push below $290.00 will most likely increase bearish pressure.