Ether Technical Analysis
Technically, the daily chart indicators are neutral above their midlines in the bullish territory.
Ether Price Remains Supported
The ETH/USD pair was mostly bullish this past week before it faced a strong resistance near $311.00 and later started trading in a range. On the other hand, the ETH/BTC pair declined heavily and even traded below 0.050BTC before recovering 5-6 percent.
Looking at the daily chart of ETH/USD, there was a solid recovery from the $200.91 low. The pair traded above the 50 percent Fibonacci retracement level of the last crucial decline from the $395.41 high to $200.91 low.
However, the upside move was protected by the $350.00 resistance area and the 76.4 percent Fibonacci retracement level of the last crucial decline from the $395.41 high to $200.91 low. The pair started correcting lower and moved toward the $300.00 level.
Buyers failed to hold the $300.00 handle and the pair declined close to the 50 percent Fibonacci retracement level of the last upside wave from the $200.91 low to $352.69 high. Buyers appeared near $275.00 and prevented further declines.
Later, Ether started trading in a range above the $280.00 level with resistance near $310.00-311.00. To the topside, there is a bearish trendline forming with resistance at $330.00 on the same chart. On the downside, the $275.00 and $250.00 levels are decent supports for the medium term trend.
Moving on to the 2-hour chart of ETH/USD, there is a major contracting triangle forming with resistance near $296.00 and support at $292.00. Buyers need to gather momentum above $296.00 and $300.00 to challenge $311.00 once again. Above $311.00, the gates would open for a ride toward $330.00.
On the other hand, a break of the $292.00 support could ignite short-term losses toward $280.00 and $275.00. The overall medium-term bias is bullish as long as ETH/USD is above $275.00.
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.