Ether’s price rebounded with positive moves against the US dollar and bitcoin. However, ETH/USD buyers are facing a lot of hurdles near $290.00 and $300.00.
Ether’s price stayed above the $250.00 support and corrected more than 7 percent against the US dollar.
A crucial bearish trendline is positioned with resistance at $306.00 on the 2-hour chart of ETH/USD.
ETH/BTC also recovered roughly 4 percent after testing the 0.0415BTC support.
Technically, the 2-hour chart indicators are near their midlines in the bullish territory.
Ether Price Analysis
It seems like ETH/USD buyers were successful in defending more losses below the $250.00 support. The pair climbed higher and broke the $280.00 resistance to move into a short-term positive zone.
ETH/BTC also found a strong buying interest around the 0.0415BTC support. The pair corrected higher and moved above the 0.0420BTC and 0.0440BTC resistance levels. The next key hurdles for buyers are 0.0460BTC and 0.0485BTC.
Looking at the 30-minute chart of ETH/USD, the pair started a solid upward move after forming support at $250.00-252.00. It recovered sharply and climbed above the $270.00 and $280.00 resistance levels.
Ether’s price traded above $290.00 and is currently consolidating gains. It seems like there is a bullish flag pattern forming with support at $275.00 and resistance at around the $290.00 mark. Should the price break the flag resistance, it could surpass the recent high and test the $300.00 resistance.
Conversely, a bearish break below the flag support may push the price toward the $270.00 support and the 50 percent Fibonacci retracement level of the last wave from the $250.77 low to the $294.22 high. Additionally, there is a bullish trendline with support at $270.00 on the same chart.
Moving up to the 2-hour chart of ETH/USD, the pair formed a couple of solid green candles, but it ran into an important resistance around $290.00. More importantly, there is a crucial bearish trendline positioned with resistance at $306.00.
Therefore, the current rebound in Ether seems to be facing significant barriers near $290.00, $300.00, and $306.00. A failure to surpass the mentioned resistances could trigger a fresh downward move back toward $270.00 or $260.00. On the other hand, a bullish break above $290.00 and $300.00 will most likely decrease selling and Ether might accelerate higher.
Important Resistance Levels
$290.00 and $300.00
Important Support Levels
$275.00 and $270.00
The RSI is currently flat near the 50 level.
The MACD is slowly moving into the bullish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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