Technically, the 6-hour chart indicators remain elevated in the bullish territory.
Ether Price to Make the Next Move Soon?
There was no break above the $372.00 resistance in ETH/USD yesterday, but the pair remained above the $360.00 and $350.00 support levels.
On the other hand, the ETH/BTC pair continues to trade in a range and is currently holding the 0.0440BTC support area. It might make an upside move toward the $0.0480BTC resistance in the near term.
Looking at the 6-hour chart of ETH/USD, there is a crucial rising channel forming with support at $350.00. The pair is currently well above the channel support and is facing solid offers near $372.00.
Should there be a break above the $372.00 resistance, the price could test the channel resistance at $390.00. On the downside, the channel support at $350.00 remains a key barrier for sellers.
Dropping down to the 2-hour chart of ETH/USD, there are four clear failures near $372.00. On the downside, there is a connecting bullish trendline forming with support at $362.00-360.00. Therefore, it seems like there is a contracting triangle forming with support above $360.00 and resistance at $372.00.
Above $372.00, Ether’s price would gain bullish momentum toward the $390.00 and $400.00 levels. On the flip side, a break of the $360.00 support will most likely push the price toward the 4-hour channel support at $350.00.
The price action is positive as long as ETH/USD is above $350.00. Overall, the pair remains in monster uptrend and poised for further gains toward $400.00 in the near term.