Ethereum Daily Price Analysis: Ether Recovers and holds Steady Against USD – Ethereum Prediction

ethereum price analysis prediction

Ethereum Price is returning to increase after its dip against the USD, while having rough time compared to the Bitcoin market. But in contrary, Ether/US Dollar is keeping 100 SMA stable at around $322.430.

Major Points

  • After a spiking downward path for ETH price, aiming $290 it found and started recovering.
  • A break over the steep bearish trend happened with the resistance mark at $308 on the hourly chart.
  • Now it is over the resisting zone and is trading at around $322.30 against the US dollar.

Ethereum Price Turns to Increase

After reaching the price of $344, Ether returns downward swiftly below $304-$308 and even broke the $300 supporting are while trading at $290.34 when the buyers came in and it initiated a recovery phase. Since the last flow from $344 to $290.34 there was an upward movement of 23.6% Fib retracement level so the ETH/USD pair was able to roll back above the 100 hourly simple average.

While the resisting level of $308 at the steep bearish trend line was broken above, it opened gates for more gains around the $310 price. On one side, the most important hurdle for buyers is close to the 50% Fibonacci retracement move since the last declining flow above mentioned. So if done successfully and sent over the $317 mark approx, it could be hoisting the Ethereum price above $325 mark.

ethereum price analysis

However, the 100 hourly simple moving average and the $304 supporting zone might act as a barrier. Buying dips towards $304 can be considered in the short term with a stop below $300.

  • Hourly MACD – The MACD is moving back in the bullish zone.
  • Hourly RSI – The RSI is currently above the 50 level and stable.
  • Support Level – $304
  • Resistance Level – $317

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