ETH/USD is trying to take on resistances for a recovery attempt. Buying pressure is leading Ethereum price upwards but the gain momentum will come if the barriers are cleared.
Major Points
- After trading just above the $270 mark, ETH found support now aiming higher.
- Important stretch and break over a resisting trend line around the $297 mark on the hourly chart of Ethereum against the US Dollar took place.
- Important resistances will be waiting as soon as the $300 mark is passed again.
Ethereum Taking turns to Recovery even with much Struggle
The Friday sell-off did continue for two more days, having ETH descend and trade as low as $272.15. That is when buyer took opportunity to buy in on the dip and the value started to return higher back over the $280.00 level. Now it has already reached the 23.6% Fib retracement level of the above mentioned declining wave.
Important to notice, a resistance clearing action the pair took close to the $397.50 stretching and breaking higher. That indicates the increase will continue as it did over the $300.00 mark in near term for a short time where selling pressure did await for profit. The 50% Fib retracement level since the previous downward flow (from $336.32 to $281.24) will be around $3.08.78 which is a key resistance. From $308 to $315 could be most struggling part for ETH/USD to pass as there is a bearish trend line just at $316.
A clear close should be done of the 100 hourly SMA which is near the $309 mark and the $316 barrier for more gains. If the buyers could not withhold, support might be provided just above the $295 mark.
- Hourly MACD – The MACD is slowly moving back in the bullish zone.
- Hourly RSI – The RSI is now back above the 50 level.
- Support Level – $298
- Resistance Level – $308
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