Ether’s price gained bullish momentum and traded higher against the US dollar and bitcoin. ETH/USD settled above $300.00 and could continue to move higher toward $330.00.
Ether finally broke the $300.00-306.00 resistance area against the US dollar.
The 6-hour chart of ETH/USD is signaling bullish continuation toward the $330.00 and $350.00 resistances.
ETH/BTC also gained momentum and tested the 0.0475BTC resistance.
Technically, the hourly chart indicators are placed nicely in the bullish territory.
Ether Price Analysis
This week, we discussed an important resistance zone near $300.00 and $306.00 for ETH/USD. Finally, the pair made a nice upward move above $306.00 and traded toward the $320.00 level.
Additionally, there were more gains in ETH/BTC above the 0.0460BTC level. The pair cleared the 0.0475BTC resistance, opening the doors for a push toward the 0.0490BTC and 0.0500BTC resistances.
Looking at the hourly chart of ETH/USD, the pair formed a solid support near $280.00 and started an upward move. The pair struggled a few times near the $300.00-306.00 resistance area, but Ether buyers finally had the upper hand.
The price moved higher and traded as high as $321.12 before correcting lower. It declined a few points and traded toward the broken resistance near $305.00-306.00, which acted as a support.
There is also a bullish trendline formed with support at $304.00 and the 38.2 percent Fibonacci retracement level of the recent wave from the $276.86 low to $321.12 high. The most important support is $300.00 and the 50 percent Fibonacci retracement level.
Moving up to the 6-hour chart of ETH/USD, the pair is showing positive signs with a close above $300.00. It seems like Ether’s price will could continue to move higher toward the $330.00 resistance. Above this, the next significant hurdle for buyers is $350.00 (the previous crucial support).
On the downside, there is a key bullish trendline forming from lows with support at $298.00. Overall, the current price action suggests a positive technical structure above the $300.00 and $298.00 supports on both the hourly and 6-hour chart of ETH/USD.
Important Resistance Levels
$320.00 and $330.00
Important Support Levels
$306.00 and $300.00
The RSI is now well above the 60 level with positive signs.
The MACD is placed heavily in 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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