Technically, the daily chart indicators remains stable in the bullish territory.
Ether Price Remains Bullish
There were a couple of upside swing moves in ETH/USD this past week, and a new monthly high was formed near $329.23 before the pair started a correction.
On the other hand, there was a sharp upside wave in ETH/BTC and the pair was able to move above 0.048BTC and 0.050TC resistance levels. The next major hurdle is at 0.055BTC.
Looking at the daily chart of ETH/USD, there is a crucial bearish trendline forming with resistance near $325.00. The same trendline prevented an upside break on two occasions near $325.00 and $329.00.
On the flip side, there are a couple of strong support levels like $290.00 and $276.00. Therefore, it seems like the pair is forming a triangle pattern with support above $276.00 and resistance at $325.00.
Should there be a break above the $325.00 level, the pair could test $350.00. Above the mentioned $350.00, the doors would open for a test of $400.00. On the downside, the $290.00 level is a weekly support and $276.00 is a major monthly pivot.
The stated $276.00 level is the 50 percent Fibonacci retracement level of the last wave from the $200.91 low to $352.69 high. Therefore, a break of the $276.00 support won’t be easy and that’s why Ether’s price will most likely pierce $325.00 for an upside drift toward $350.00 and $400.00.
Moving on to the 2-hour chart of ETH/USD, there is a key support zone forming near $304.00, as well as two connecting bullish trendlines. To the topside, there is a bearish trendline forming with resistance at $318.00.
Thus, in the short term a break above $318.00 is required. However, a daily close above $325.00 could initiate a major and long-lasting trend line Ether in the near term.