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.
- 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.
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