ETH price since yesterday has not stopped recovering. Ethereum could most likely be aiming higher in the short term against the US Dollar.
Major Points
- After going as low as $268 and finding support, ETH price is recovering with mid-strong momentum.
- Two resistance bearish lines were formed on the hourly chart of ETH/USD at $320 and $298.
- There could be correction, however after clearing the specific barriers the price could be most likely going for the $340.
Ethereum together with the total Market Recovering
On Sep 5, a sharp decline was experienced as it broke the $300 mark and did not stop dipping until $268 where it found support. A major struggle could have been considered the $300 which was easily cleared after an upward channel was formed for gaining. The 23.6% Fib retracement level was taken out since the last flow (from $369.27 to $274.01). In very close term that specific movement opened doors for more increase.
The two bearish resisting marks mentioned above were broken out by the price at $298 and $320 on the hourly chart of the pair. The chart continued and did finish even the 50% Fib retracement level since the last wave of declining. A very strong indicator of new ground formation and that the price could as well be hovering at increasing above $300 ($310).
When the close over the 100 hourly simple moving average is complete, the price might attempt and test the $340-$350 marks. However selling pressure could return while partly profiting or playing safe because of the previous minor crash.
- Hourly MACD – The MACD is back in the bullish zone and gaining pace.
- Hourly RSI – The RSI is currently heading higher and placed well above the 50 level.
- Support Level – $310
- Resistance Level – $350
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