Ethereum price as a pair Against the US dollar returned and made it to climb higher and for now it is positioned very positively-looking over the bullish zone $290.50.
Major Points
- After breaking its resistance and barriers, ETH price increased over $293.50.
- Analyzing the hourly chart there is ascending trend with support-found at $290.50.
- Taking heights over the meant supports its Surge increases even with some downward flows.
Ethereum Price Finds Support and Climbs Upwards
A descending flow was the major term used to describe the past days and earlier this week for Ethereum price chart even pulling the price down to levels below $270. After that kind of dip the past 24 hours it did break resistances at $280, $290 and $293 with a breach of 50% Fib retracement level since the last downward trend from the $306.50 high to $269.00 low. With that, the price had possibilities to increase hourly with making it over the bearish trend line at $287.00.
Finally, ETH price managed to break out and above the $295 mark, giving signs for more upward surging and positive predictions. At the moment, it is trading at $308.13 with a 6.63 percentage point increase in a 24h timeperiod. Since the last movement from the $296.00 low to $304.42 high, there is a support near the 23.6% Fib Retracament level. A gentle path of increase is created with support at $290.50.
Source: SimpleFX
Moreover, the 38.2% Fib retracement level of the last wave from the $296.00 low to $304.42 high is at $290.89 to act as a support. Overall, buying dips towards $293-290 remains a good option in the near term.
- MACD: The MACD is now placed well in the bullish zone.
- RSI: The RSI is moving lower towards the 50 level.
- Support Level: $290
- Resistance Level: $304-305
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