Technically, the 6-hour chart indicators are back in the bullish territory and moving higher.
Ether Price Recovery Looks Real
Yesterday, we discussed why it is important for ETH/USD to avoid a daily close below the $305.00 level. The pair succeeded in closing above $305.00 and gained bullish momentum during the past 2-3 sessions.
The ETH/BTC pair was also able to gain bids near 0.070BTC and started correcting higher towards the next important resistance at 0.075BTC.
Looking at the daily chart of ETH/USD, the current candle seems to be a picture perfect reversal signal. If the candle closes with a long tail and substantial body, it would be a sign of further gains in the near term.
The trendline support at $300.00-305.00 held the drop very well and might continue to play a crucial role during the coming days.
The 6-hour chart of ETH/USD points to a short-term bottom near $275.82. The last three candles are bullish and signaling a positive bias. The pair has already cleared the 38.2 percent Fibonacci retracement level of the last drop from the $395.41 high to $275.82 low.
However, the pair is approaching a major resistance near $340.00. The 50 percent Fibonacci retracement level of the last drop from the $395.41 high to $275.82 low is sitting below the stated level. Therefore, it won’t be easy for buyers to clear $340.00 in one attempt.
A break above $340.00 would favor an extension to the $350.00 region. On the other hand, an immediate support is at $320.00, followed by the $305.00 pivot.
The overall bias is bullish and any setbacks from the current levels remain supported on the downside as long as Ether’s price is above $305.00.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.