Technically, the 6-hour chart indicators are slowly and steadily moving higher in the bullish territory.
Ether Price Uptrend Channel
The past 2-3 sessions were mostly quiet and Ether was not able to gain momentum to break this month’s high of $314.58 against the US dollar.
On the other hand, the ETH/BTC pair was seen correcting lower from the 0.090BTC resistance and it may soon test the 0.085BTC support area.
Let’s start with the 2-hour chart of ETH/USD, which is pointing to an important support area near $300.00. There are two bullish trendlines positioned on the downside at $295.00-300.00. These trendlines are holding the current bullish trend above $275.00.
A break below $295.00 would be very tough as the short-to-medium term picture is modestly positive. It will take a break below $295.00 to confirm a bearish bias, with $284.00 and $275.00 as the next supports.
To the topside, there is a connecting bearish trendline with resistance at $306.00. Buyers need to push Ether’s price above that mark in order to challenge this month’s high of $314.58. Above the mentioned $314.58, the next resistance comes at $328.00.
A clear uptrend is visible looking at the 6-hour chart of ETH/USD. There is a key ascending channel with current support at $300.00. The pair broke the channel resistance once, but it retreated from highs quickly to move back inside the channel.
If the pair keeps following the channel, it may soon clear $306.00 and $310.00 for further upsides. To sum up, ETH/USD remains in an uptrend as long as it remains above $295.00, eying a new high in the near term.
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.