Technically, the 2-hour chart indicators remain elevated in the bullish territory.
Ether Price is Showing Bullish Signs
There was a minor upside move in ETH/USD above the $300.00 resistance, but gains were capped by the $305.00 resistance. On the other hand, ETH/BTC continues to struggle and recently broke the 0.068BTC support.
It seems like the recent decline in ETH/BTC is putting a lot of pressure on ETH/USD buyers. Looking at the 30-minute chart of ETH/USD, there was a decent ride from the $295.41 low to $304.74.
The pair failed to retain gains above the $304.00 level and started a downside correction. There is a bearish trendline forming with resistance at $302.00 which is protecting gains.
On the downside, the $298.00-300.00 area is a short-term support zone along with the 50 percent Fibonacci retracement level of the last wave from the $295.41 low to $304.74 high.
Should there be a close below $298.00, the price could head back towards $295.50. However, the 2-hour chart of ETH/USD is showing a lot of positive signs. There is a connecting bullish trendline forming with support at $298.00.
Furthermore, there is another crucial support forming near $288.00. To the topside, the pair is facing two important resistances – $305.00 and $310.00. A successful close above the mentioned resistances is required for Ether to gain further momentum towards $340.00.
The current price action is positive and a broad consolidation in ETH/USD is favored, but a bullish bias suggests that retracement pullbacks should be relatively limited.
An immediate support is near $298.00, below which Ether is likely to test $295.50. The most important trend support is now at $288.00.
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