The recent Bitcoin (BTC) price correction inflicted double-digit losses on many altcoins and while Ether (ETH) also took a knock, it recovered quickly compared to the cost activeness of other acme-ten altcoins. Since dropping 17.67% to $237.62 on Feb. 16,  Ether has rallied 20.78% to $285.99, less than $5 away from its 2022 high at $289.26.

Currently, two of the iii price targets discussed in previous assay accept been striking and now that the altcoin prepares to overtake information technology'southward 2022 high, traders take probable set their sights on targets higher up $300.

Crypto marketplace daily price nautical chart. Source: Coin360

To appointment, Ether is upwardly more than than 120% since the start of 2022 and the current market sentiment suggests the digital asset could continue to rise. Similar to Bitcoin, the recent convergence of the 50-day and 200-day moving average formed a golden cantankerous and with the exception of last weekend'southward precipitous correction, trading volume has been noticeably increasing in the past 9 weeks.

ETH USD daily chart. Source: TradingView

Equally traders push the price towards $300, $305 could provide slight resistance only to a higher place this, a move to $312, $323, and $337 are the side by side targets for investors. Above $337, the 2022 high at $367 comes into sight and after this $408, a lofty price non seen since August seven, 2022.

In the event that Ether loses its current momentum or experiences a precipitous rejection at $305, there is support at $272. Below this, there is as well support at $225 near the 38.2% Fibonacci Retracement level. The daily and six-60 minutes timeframe shows $285 working as resistance and the price has been unable to sustain above this level on the previous 9 attempts since Feb. xiv.

Some traders will also detect what could possibly exist the formation of an M-top. If this were the case, then Ether would need to descend to $237.15 to break the neckline and confirm the pattern.

ETH USD 6-hour chart. Source: TradingView

If the M-top narrative were to play out, traders would look for a bounciness at the 38.2% Fibonacci Retracement level ($225) which would retest the neckline at $237.15.

If bulls failed to buy into the dip with stiff volume, i would expect this level of support to collapse, leading Ether price lower to the 61.8% Fibonacci retracement at $187.82. Currently, this scenario seems unlikely but it's good to consider all outcomes when trading cryptocurrencies.

For the fourth dimension being, the support at $272 and purchasing volume on the shorter fourth dimension frames should be observed. Traders should and likewise watch to see if the nugget continues to brand lower highs and lower lows on the 4-hr chart.

The views and opinions expressed hither are solely those of the writer and do not necessarily reflect the views of Cointelegraph. Every investment and trading motility involves run a risk. You should conduct your own research when making a conclusion.