Ethereum Price Analysis: Ether Upside But Slow Weekly Movement – Forecast
For a week now, Ethereum price against the US Dollar is experiencing an up-trending channel, but to continue the same – more stable ground is needed.
A very range bound climbing path movement over the $316 mark but with a little of struggle.
Supports found at $330 and $310 on the 4-hours chart of ETH/USD.
To continue gaining, we need to overcome the selling pressure awaiting at around the $344 zone.
Ethereum Price Gaining But With Struggle
In general the week we just left behind could be described as Ethereum against the US Dollar increase-ranging with a bullish tone over the $310 mark. In many events it did feel the selling pressure and declined lower but supports held strong enough as per the moment it is trading around $337.10 with a 1.90 percentage points climb in the last 24 hours.
With supporting marks at $330 and $310, two bullish trends are forming on the 4-hours chart of Ethereum price against the USD. It is trading for the moment over the 50% FIb retracement level since the last flow from $344-$289 so it is indicating gaining factors, but to break the $344 as the previous highest mark, we need to take upside strength over the $340 level and than afterwards targeting $350 can be predicted.
In the best terms, in case there is a close over the $344 mark, major upward climbs will be experienced as for quick term – $350 and longer $370.
4-hours MACD – The MACD is moving nicely in the bullish zone.
4-hours RSI – The RSI is well above 50 level and slowly moving higher.