Technically, the 2-hour chart indicators are retreating from the overbought levels.
Ether Price Remain in Uptrend
There were further gains in ETH/USD yesterday as the pair moved above the $320.00 level and traded to a new monthly high at $329.23.
On the other hand, the ETH/BTC pair is slowly gaining pace and moved above the 0.045BTC resistance area. It might continue to move higher and trade toward 0.048BTC in the near term.
The 2-hour chart of ETH/USD suggests that the pair had a good bullish run from the $287.67 swing low and broke the $320.00 and $325.00 resistance levels. A new monthly high was formed at $329.23 before the pair started a downside correction.
The pair has moved down and traded below the 23.6 percent Fibonacci retracement level of the last wave from the $287.67 low to $329.23 high. Sellers also succeeded in breaking a key bullish trendline with support at $320.00.
It seems like the pair is heading toward the $305.00 and $304.00 support levels. The stated $305.00 support is important since it is the 50 percent Fibonacci retracement level of the last wave from the $287.67 low to $329.23 high.
If Ether’s price is above the $304.00 level, the current wave remains corrective. Once the current correction is complete, the price would resume its uptrend.
The overall trend remains bullish and the current short-term correction should complete around $304.00. Should buyers fail to hold the $304.00 support, there are chances of more declines toward a bullish trend line with support at $296.00 on the 6-hour chart.