Technically, the 2-hour chart indicators are moving lower in the bearish territory.
Here is Why $288-285 is Important for Ether Price
Yesterday, we discussed that Ether has to break the $305.00 resistance against the US dollar to gain bullish momentum. It failed to move higher and traded lower towards the $290.00 level.
Similarly, the ETH/BTC pair remained under bearish pressure and is currently trading just above the 0.070BTC support that has a lot of significance in the near term.
Looking at the 2-hour chart of ETH/USD, the pair is clearly under heavy pressure and is currently trading near a crucial support range of $288.00-285.00. The pair needs to hold the mentioned $288.00 support in order to recover above $300.00.
On the upside, there is a major bearish trendline with resistance near $295.00. A successful close above $295.00 would push the price towards $310.00 or higher.
It seems like a short-term breakout pattern with resistance at $295.00 and support at $288.00 is forming. Having said that, the $288.00 support is crucial for the current bullish trend.
The 6-hour chart of ETH/USD clearly points to why $288.00 is important. There is a key bullish trendline forming with support at $288.00. Should there be a close below the trendline support at $288.00, the price may decline towards $260.00 or even lower.
On the upside, the range resistance is near $320.00. If the current consolidation pattern paves the way for more gains above $320.00, we can witness a test of $360.00.
To sum up, Ether is approaching a crucial break with support at $288.00-285.00 and must hold it to remain in the bullish zone.
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.