Technically, the 2-hour chart indicators are moving higher into bullish territory.
Ether Price to Break Higher?
There was a slow and steady rise in ETH/USD during the past three sessions, causing the pair to currently trade above the $310.00 support area.
On the flip side, the ETH/BTC pair corrected lower and moved below 0.050BTC. It remains supported as long as the 0.045BTC support is intact.
Looking at the 30-minute chart of ETH/USD, there is a key bullish trendline forming with support near $308.00. On the upside, the pair seems to be struggling around $318.00. The current price action is bullish and suggests that the pair could attempt an upside break above $318.00.
However, Ether’s price has to stay above $308.00-306.00 in the short term for further gains. Moving on to the 2-hour chart of ETH/USD, there is a major contracting triangle forming with resistance below $318.00 and support above $306.00.
The pair is currently attempting an upside break above the triangle resistance at $316.00. Should there be a 2-hour close above $316.00, Ether could test the all-important $325.00-326.00 resistance (as discussed in the weekly forecast). Above $326.00, the price will most likely gain bullish momentum toward $340.00.
On the downside, the triangle support above $306.00 would play a significant role, and the price needs to stay above the mentioned level to remain in the bullish zone.
A successful close below $306.00 could negate the current short-term bullish wave and would call for a downside reaction toward $290.00, with intermediate supports at $300.00 and $296.00.