Technically, the 2-hour chart indicators are gaining momentum in the bullish territory.
Ether Price to Move Higher?
Yesterday, we discussed a few important resistance levels such as $316.00, $318.00, and $325.00. ETH/USD was successful in breaking the mentioned levels and attempted a run toward $340.00.
ETH/BTC also gained traction and was able to move back above 0.050BTC. The overall market sentiment is positive for Ether, but ETH/USD needs to hold the current momentum.
Starting with the 2-hour chart of ETH/USD, there was a clear break above a major contracting triangle with resistance at $316.00. The pair even broke the $325.00 level and traded as high as $337.00.
However, there was a sharp rejection from $337.00 and the candle formed is pointing to a key bearish scenario. On the downside, there are two bullish trendlines with supports at $320.00 and $312.00. The mentioned $312.00 support is near the 50 percent Fibonacci retracement level of the last wave from the $289.73 low to $337.00 high.
Ether’s price has to stay above the $312.00 support to invalidate the bearish candle pattern. Should Ether fail to stay above $312.00, it would call for a change in the short-term bias to bearish.
Dropping down to the 30-minute chart of ETH/USD, the pair seems to be retreating from the $320.00 support. On the upside, an initial resistance is near $330.00, followed by the recent high at $337.00.
Technically, the short-term picture for Ether is bullish, as in the 2-hour chart, as indicators are maintaining their solid bullish slopes despite the recent decline toward $320.00. Having said that, the price has to stay above $312.00 to remain in the positive zone.