Ethereum Price Manages Major Resistance Breakout: Ether against US Dollar Recovery and Prediction
ETH price since yesterday has not stopped recovering. Ethereum could most likely be aiming higher in the short term against the US Dollar.
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.