Technically, the 12-hour chart indicators are moving higher in the bullish territory.
Can Ether Price Stay above $340?
Yesterday, we discussed that the $325.00 support is important for ETH/USD and if it hold declines, the pair will most likely move higher in the near term. The stated $325.00 support did hold losses and as a result, there was a sharp upside move above $330.00.
On the other hand, it was mostly a bearish week for ETH/BTC. The pair failed to hold the 0.050BTC support and declined toward 0.042BTC where buyers appeared. It is currently correcting higher with resistances near 0.048BTC and 0.050BTC.
Looking at the 2-hour chart of ETH/USD, there was a break above a major contracting triangle with resistance at $332.00. The pair, after consolidating for a brief period, broke the $332.00 and $335.00 resistance levels.
The upside move was solid as the pair was able to break a significant resistance at $340.00. It has opened the doors for more gains above $340.00, and may be heading toward $360.00 or even $400.00 in the medium term.
An initial support on the downside is at $340.00 followed by a broken triangle resistance at $332.00 (now support). Below $332.00, the triangular lower trend line at $328.00 is also a decent support.
Moving up to the 12-hour chart of ETH/USD, the pair is gaining bullish momentum and is currently attempting a close above a crucial channel of resistance at $340.00.
Should there be a 12-hour close above $340.00, it would be a great positive signal for Ether buyers. The price will most likely accelerate higher and it could challenge resistances such as $360.00, $380.00 and $400.00 during the coming days.
On the downside, the $320.00 and $305.00 support levels are significant for the current bullish trend.