Major break for Ethereum price over its previous resistance while now it is acting as a support. ETH/USD is very likely to increase and climb upwards in the closer-time understanding.
Ethereum Price About to Surge – ETH/USD Forecast
For weeks now a very well known territory for the complete market is the negative red zone as was for ETH price while it traded at the bottom at $199.75. Selling pressure as met indeed but after it successfully closed above $200 – recovery was initiated. In about 2-3 attempts it was able to take the value above $250 and break the 38.2% Fib Ret mark since the previous downfall wave $339.54 to $199.75.
It is known that clearing that particular Fibonacci mark would have positive return for the pair but major resistance was waiting at the $278. Getting past that a bearish trend line was formed on the 4-hours chart of the pair (Ethereum against the US Dollar). While buyers were pushing the price upwards with their demand on the short term trading, the price broke above the 50% Fib Ret level of the above mentioned wave as it made it possible for more gains over the important $285 level.
The next stop is around the 76.4% Fib retracement level of the last decline from $339.54 high to $199.75 low. The current market sentiment is very positive, which means the price could even test the last swing high of $338. Buying dips is now back towards the $270 level in the near term.