ETH/USD is having a very bullish trend with a consolidating mood for the moment, however to reach better and more stable heights Ethereum price should breakout the resistance of $317.
- After the same trend going on with no success ETH/USD was trying to clean out the $317 level because of the selling pressure.
- The support $270 is holding strong as there could be a very important breakout zone forming on the hourly chart of the pair Ethereum and US dollar.
- Strength at $302 is needed to go even further in the near future.
Ethereum Price – The Upwards Flow Struggle
With all the changes happening around the market even to the US dollar, for Ethereum price development it was a could-say the same mostly trend below the $317 level. After the fails to get past and over the $317 barrier mark, ETH descending aiming the $270 level but it found support two times in the 100 moving average on the 4-hour chart.
For the late moments, couple of down-flow pressures were making move, but the support $270 did not let down and kept ground. Using the same hourly chart of ETH/USD, a triangle could be formed with a supportive mark at $272-270. However in the other hand the digital asset has been trading lower than the 23.6% Fib retracement level since the $176.26 low to $317.19 high flow. It is a bearish sign, but there are chances of a recovery as long as the price is above $270. A close below the stated $270 support could ignite sharp declines in ETH/USD.
In the positive terms, if it breaks over the $301 upward surging is to be expected. In case we want to see a monthly high there is the condition breaking out the $317 barrier resistance and it all depends there: OVER $317 or Below $270.
4-hours MACD – The MACD is slowly moving into the bearish zone.
4-hours RSI – The RSI is currently below the 50 level and heading lower.
Support Level – $270
Resistance Level – $317