Cryptocurrency Forecast: Ethereum Price Tanked to Close Above $300
Ethereum Price battled its way up above the $300.00 level for a long time. ETH/USD could not hold position and pulled back lower as the value is on bearish pressure.
Ethereum Long Hurdle Not Rewarded – ETH/USD Met Sellers
A very welcoming upward momentum was experienced by Ethereum price, taking the value over $300.00 against the USD. For a moment the pair traded at the level of $311.45 which was followed with sellers being met and tanking the price downside-ish. In a short period of time the ETH price moved lower than the 50% Fib retracement level since the previous increase from $285.20 to $311.45. This signaled an open pathway for more declining against the US Dollar taking the price below $296 when it cleared an important support and continued spiking lower.
Just to note out, the previous days bullish trends and increases were connected on that particular support on the hourly chart of ETH/USD at $295-$296. The descending pattern continued below the 100 hourly SMA and the $290 mark and traded as low as $279.11 – correction to take place in short term.
As the 23.6% Fib Ret mark of the above mentioned drop was at $284.03 was cleared and the price is trading right now at $288.00 more increase could take place. However nothing to be sure of until the 38.2$ Fib retracement level of the drop which is the $296.00 level is cleared as it represent the most important resistance now while it previously acted as the major support.