Technically, the 2-hour chart indicators are flat above their mid-levels and pointing a bullish bias.
Ether Price to Break Higher?
There were mostly ranging moves in ETH/USD during the past three sessions above the $320.00 support and the pair remained in the bullish zone.
On the other hand, ETH/BTC continues to decline and it recently moved toward 0.042BTC. Bitcoin traded at a new all-time high above $8,000, pressuring ETH/BTC. However, ETH/USD was mostly stable during ETH/BTC’s decline.
Looking at the 6-hour chart of ETH/USD, there is an important ascending channel forming with support at $305.00. The pair recently traded near the channel resistance at $339.58 and failed to break higher. At the moment, the pair is consolidating gains above the $320.00 support.
The channel might continue to play a major role for ETH/USD and as long as the support at $305.00 is intact, the pair remains in a significant uptrend. On the upside, the channel resistance is now just above $340.00.
An initial support on the downside is near $320.00, followed by the 50 percent Fibonacci retracement level of the last leg from the $286.10 low to $339.58 high near $312.00. However, the most important support is $305.00 (channel lower trendline).
Moving on to the 2-hour chart of ETH/USD, there is a connecting bullish trendline with support at $325.00. On the upside, there is a bearish trendline with current resistance near $332.00.
A successful close above $332.00 could trigger further gains toward the 4-hour chart channel resistance around $340.00. The overall price action suggests a bullish picture if ETH/USD stays above $305.00.