Technically, the 4-hour chart indicators are moving to and fro near the overbought levels.
Ether Price to Head Higher
After topping at $390.75, ETH/USD eased within range and held the $370.00 support area. Similarly, the ETH/BTC pair declined a few points and traded towards 0.082BTC.
Looking at the hourly chart of ETH/USD, there was a sharp pullback from $390.75 to $367.72 where the pair found decent support. It later recovered, and moved above the $380.00 resistance before finally starting to consolidate gains.
The pair has already settled above the 61.8 percent Fibonacci retracement level of the last drop from the $390.75 high to $367.72 low, signaling a possible break of the $390.75 high to challenge $400.00.
There is a short-term bearish trendline forming with resistance at $386.00. Buyers need to overcome offers near the trend line resistance at $386.00 to set the tone for more upsides.
On the downside, an initial support rests at $380.00 and the 50 percent Fibonacci retracement level of the last leg from the $367.72 low to $388.65 high. Below $380.00, the weekly support at $370.00 is seen as a major hurdle for further declines.
The 4-hour chart of ETH/USD shows a strong bullish momentum above $360.00. There was a break above a connecting resistance trendline which later acted as a support near $370.00.
A key support now stands around a bullish trendline on the same chart at $360.00. The overall bias remains bullish, therefore Ether is likely to extend its upside once the current consolidation is complete.
On the other hand, the immediate resistance for ETH/USD stands at $390.00, with gains above it supporting an extension up to $400.00.
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.