Technically, the 2-hour chart indicators corrected lower but remains in the bullish territory.
Ether Price Remains Bullish
Yesterday, we discussed the significance of the $340.00 resistance and $320.00 support. It seems like both the mentioned levels are playing important roles for ETH/USD.
Alternatively, there was no recovery in ETH/BTC and the pair extended declines below 0.045BTC. There were further gains in bitcoin price which pressured buying sentiment for both ETH/USD and ETH/BTC.
Starting with the 2-hour chart of ETH/USD, the pair started a downside correction from the $339.58 high. It traded below the 23.6 percent Fibonacci retracement level of the last wave from the $286.10 low to $338.58 high.
However, the downside move found bids near a crucial bullish trendline with current support at $321.00. The trendline support is playing an important role in preventing further declines below $320.00.
Should there be a close below $320.00, the next support is the 50 percent Fibonacci retracement level of the last wave from the $286.10 low to $338.58 high around $312.00.
On the flip side, if the price recovers and stays above $320.00, then it will most likely move above $330.00 in the near term. Moving on to the 30-minute chart of ETH/USD, the pair has started an upside move and recently broke a connecting bearish trendline at $325.00.
If the recent break is true, Ether’s price will most likely head toward $330.00. Above $330.00, the most significant resistance around $340.00 could be tested.
On the downside, an immediate support is at $325.00. A break of the mentioned $325.00 support would push ETH/USD back toward the trendline support at $321.00.