Ethereum price is taking safe and positive steps towards higher marks as the price surges against the Dollar and might reach as price prediction go – $315.
- The low price ether is being traded has started a correction – $286.
- $313-316 could be the next target as ETH/USD moving higher.
Swinging high close to $315.
Ether Price Resistance – Barrier Mark
A descending trend was going on the end of the last week as Ethereum was being traded lower than $290 – even reaching $286 in which case the flow found support to move up. The increase has shown itself to move later over the $290 resistance mark as it was flowing above the 23.6% Fibonacci retracement line related to the last downward flow from $317.74 to around $286.
By analyzing the ETH/USD hourly changing chart, you will notice a break out over a steep bearish trend line which resisting indicator was at around $293.50. That certain line continued to do change over $295 and made it possible for more recovery to come.
For now it is being traded close to 61.8% Fib retracement level of the last descending path as mentioned before – from $317.74 to around $286 low.
On the upside, there are chances of ETH price testing the last swing area of $315. There are two important resistances at $313 and $316. So, it would be interesting to see whether sellers are able to protect gains above $316 in the near term.
Hourly MACD – The MACD is about to move from the bearish to bullish zone.
Hourly RSI – The RSI has moved above the 50 level.
Major Support Level – $298
Major Resistance Level – $316