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ETH Price Analysis & Prediction: Ethereum Increases Closing-In to Major Resistances

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.

ethereum analysis

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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About author

Writer, EthereumWorldNews | [email protected] - Sam is an electrical engineer with years of passion writing for subjects that target or approximately do, his field of study. Now he is a full time writer for the team of Ethereum World News.
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