Technically, the hourly chart indicators are correcting lower from the overbought levels.
Can Ether Price Break $340?
There was no major downside move in ETH/USD during the past three sessions and the pair was able to hold gains above the $325.00 level.
On the other hand, the ETH/BTC pair failed to remain above 0.050BTC and tumbled by more than 8 percent, since there was a sharp recovery in bitcoin price above $6,500 versus the US dollar. It played a major role in prevention of gains above $335.00-340.00 in Ether’s price.
Looking at the 4-hour chart of ETH/USD, the pair is in a decent uptrend above $320.00. However, there is a connecting trendline forming with current resistance near $340.00. It recently stopped an upside break on two occasions near $337.00 and $339.58.
A successful close above the trendline resistance at $340.00 could open the doors for further upsides in Ether’s price toward $350.00 or even $360.00.
On the downside, there are two bullish trendlines forming with supports at $330.00 and $320.00, which are likely to act as a strong hurdle for substantial declines in the near term.
Moving on to the hourly chart of ETH/USD, the pair is currently trading near a bullish trendline with support at $331.00. Below, there is another trendline positioned at $325.00.
Overall, as long as the pair is above the $325.00 and $320.00 support levels, it remains in an uptrend. To the topside, a break above $340.00 would be a solid bullish signal for further gains in ETH/USD toward $350.00 and $360.00.