ETH/USD going to attempt important resistances for a breakout. As it did, major gain could be upcoming.
Highlight Points
- A step-by-step recovery after weekly struggle as its trading above $309.
- Very important resistances forming on the hourly chart of ETH/USD at around $303 were cleared out.
- After the breakout – the pair will be targeting $318.50.
Ethereum Price Recovering Strongly – Major Breakouts
Pressure and bearish flow was tanking the price towards $288 but it recovered and now it is on its right way. Important support was formed that hoisted the price up over the $290 and over the major $300 now.
Very important was the moment that the main resistance, just above the 76.4% Fib retracement level of the last decline – from $306.69 to $287.13 was cleared out and the price continued the trade upwards (the $303 mark). Even that a triangle pattern was formed with even two bearish trend lines as barriers, but the buyers did not stop. The next hurdle and struggle could be at around $318.50.
So, a bearish trend awaits at that particular mark if the pair does not meet selling pressure on the near term and the buyers can not keep it with stable ground.
- Hourly MACD – The MACD is currently flat in the bullish zone.
- Hourly RSI – The RSI is heading higher towards the 60 level.
- Support Level – $294
- Resistance Level – $318.50
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