Technically, the daily chart indicators are moving to and fro above their midlines in the bullish territory.
Can Ether Price Overcome Selling Pressure?
The ETH/USD pair made a couple of attempts to break past the $310.00-320.00 resistance this past week against the US Dollar. However, it failed to maintain the bullish momentum and traded below the psychological $300.00 support.
In contrast, the ETH/BTC pair was under constant bearish pressure this past week due to Bitcoin price rising above $4,000. Ether moved down and is currently trading above an important support at 0.070BTC and consolidating losses.
Looking at the 4-hour chart of ETH/USD, there is a crucial support forming near $280.00. A couple of bullish trendlines and a horizontal support is positioned at that vary level. Below the mentioned $280.00, the monthly support and pivot sits at $275.00.
Therefore, it is important for Ether’s price to stay above the $275.00-280.00 support area to recover during the upcoming week.
On the upside, there is a connecting bearish trendline forming with resistance at $303.00. A successful close above $303.00 and $305.00 would set the tone for further upsides in the short term.
It seems like the pair is forming a lower low and lower high pattern. The recent lower high was near $310.00 from which the price corrected lower.
Ultimately, the price has to break in one direction either above $305.00 or below $275.00. The chances of it breaking higher becomes more likely considering the daily chart of ETH/USD.
There is a bullish flag forming with a current resistance around $302.00. It can be considered as a consolidation pattern or a trend resumption pattern.
Once the pattern is complete, the price would continue its uptrend and move higher. In the stated scenario, the chances of ETH/USD crossing the recent high of $319.06 are very high.
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