Ethereum Price Prediction and Analysis: ETH/USD Stable Upward Flow Aug 29
Ethereum maintained its correction against the US Dollar finding supports, so the price movement is targeting the $355 and above.
After the previous week range bounding price development ETH/USD took momentum and now heading for significant increase.
The already formed bullish trend on the hourly chart of Ethereum against the US dollar is still stable with support at $338.
After breaking the $349 mark, the pair could manage a breakout of $360 too in near term.
Ethereum Price Takes Turn after Dipping
After a lower-flow worth noticing, Ethereum against the US dollar found support towards the $333 mark which turned the pair back over the 50% Fib retracement level of the last wave from $349 to $333. With that as an indicator and as soon as it did break the 76.4 Fib retracement level from the previous above mentioned descending flow, it did reflect that a trade above the $349.05 will be becoming.
For the moment it is trading at $355.49 with a 4.29 percent increase only in the last 24 hours. As its known, when the value recovers back to the zones of the previous highest mark it will have major resistances, but with the Ether price breaking out of $349 and the major $355 there is a high possibility of two cases: Either it will continue and test the psychological $360 barrier or quick-term trader will return selling pressure and after the major gains it will correct for some time.
Hourly MACD – The MACD is back in the bullish zone.
Hourly RSI – The RSI is moving higher and remains well above the 50 level.