Technically, the hourly chart indicators are consolidating near the overbought levels in the bullish territory.
Ether Price Bounce Looks Real
Yesterday, we discussed about the importance of the $304.00 level in ETH/USD. The pair made a nice upside move and was able to surpass the mentioned $304.00 resistance.
Similarly, the ETH/BTC pair is showing positive signs and is trading just below the 0.045BTC resistance. On the upside, there are resistances near 0.046BTC and 0.048BTC.
Looking at the 4-hour chart of ETH/USD, there was a clear break above a crucial contracting triangle with resistance at $304.00. The pair gained momentum after the break and also traded above the $311.00 resistance to form a new monthly high at $319.60.
However, there is no 4-hour close above $311.00 yet. It is required for sustainable upside move in ETH/USD toward $350.00 in the near term. Having said that, the current price action is very bullish and if buyers remain in action, there can be an upside move toward $325.00 or even $330.0.
The current rejection near $320.00 is significant since the mentioned level is another critical hurdle as discussed in the weekly forecast. Therefore, a close above $320.00 would be great for further upsides.
Moving on to the hourly chart of ETH/USD, there are two bullish trendlines forming with support at $313.00 and $308.00. Should there be a short-term correction, the pair will most likely find support as long as it remains above $308.00.
To sum up, the current trend suggests more upsides in Ether’s price with supports as $313.00. $308.00 and $304.00. To the topside, a break above $320.00 is required for gains toward $330.00 or higher.