Technically, the 2-hour chart indicators are flat in the bullish territory.
Ether Price Remains Supported
The ETH/USD pair failed to make the next move and remained confined in a tight range during the past three sessions below the $300.00 resistance.
On the other hand, the ETH/BTC pair started a slow recovery and moved higher from the 0.050BTC support. However, it needs to gather momentum above 0.052BTC for further upsides.
Starting with the 2-hour chart of ETH/USD, there is a clear range pattern below $300.00 in the form of a contracting triangle, with support at $295.00 and resistance at $298.00.
Above the triangle resistance, the next major hurdle for buyers is near $310.00. On the flip side, a break below the triangle support at $295.00 could ignite further losses toward $290.00 and $288.00.
The $288.00 support is important since it is close to the 61.8 percent Fibonacci retracement level of the last leg from the $275.04 low to $311.09 high. A downside break would open the doors for a move toward $280.00 and $275.00.
Moving on to the 30-minute chart of ETH/USD, there is a similar contracting triangle forming with support at $296.00 and resistance at $298.00. There can be short-term swing moves in Ether’s price until the next break.
In the medium term, ETH/USD’s technical structure suggests that there is growing upside momentum. However, a proper break of $300.00 and $310.00 is necessary to confirm it.
In the short term, the pair might continue to trade in a range above $280.00-$275.00. Hourly resistance is at $298.00 followed by $300.00.