Ethereum Price Daily Analysis – Ether Price Breaking the Resistance for More Gain – Prediction
Ethereum price is struggling to break the shackles against the US Dollar and Bitcoin, and ETH/USD might continue to move lower towards $286.50.
For some time now, there is no significant movement in the pair of ETH/USD as it is fluctuating under the $308 mark resistance. As a pushing-forward indicator worth mentioning is Bitcoin Price reaching regularly All-time Highs as it increased above $4300. If you compare BTC/USD with other altcoins, they are having quite the struggle to find the right flow for moving upwards. BCH for example is barricaded by sellers as its value against the US dollar as it was flowing downward below $300 psychological level.
Marks like $303.00 are making the ETH price trend to form a bearish line with resistances like $297.00 if noticed on the hourly chart of Ethereum against the US Dollar. This kind of resistance flow took action as a barrier to make the price miss the above $310 gains in many events.
Recently, the pair recovered above the 50% Fib retracement level of the last decline from the $317 high to $286 low. However, it failed to move above the $306 level and the 100 hourly simple moving average.
It did not make it close the 61.8% Fib retracement level since the last descending trend as mentioned in a previous article – from $317 high to $286 low.
For the moment it is again downflowing towards the last swing low of $286.50. Only an indicator moving above above the resistance trend at $297.00 and the 100 hourly simple moving average could make it possible for more near future gains.
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI – The RSI is heading lower and currently well below the 50 level.