Ethereum Price Will Be Trying To Break Upward and Recover – ETH/USD Increase Prediction
Ethereum price hovering over supports but strengthening its return. ETH against the US Dollar could be trying to breakout the resistance sooner than what we think.
Testing the $400 mark failed and now declining and consolidating processes are up ahead.
There could be a break above channel close to the $350 mark being formed on the hourly chart of ETH/USD.
If the price stays above $335 there is a chance for climbing towards $350, otherwise descending will be coming.
Ethereum Price Against the US Dollar Struggling
Major ETH gains and loses in price occurred this past week against the US Dollar. Its descending flow did not stop until it found support around $325 (specifically $325.47) and then a return was initiated. A strengthening value channel could be forming while hovering for some bound ranges before making the next step. However, close to the $340 mark there is a trending line support forming and it could be indicating a return and testing the $325 supports strength.
The pair ETH/USD did fail close to the 50% Fib retracement mark since the last declining minor crash from $369.27 to $33.58. An above mentioned breakout channel is forming right now to clear the $350 major resistance but it will not be easy as the other way around could be back to $325 because of the break lower than $340.
But on the other hand if the minor supports can not hold right now above the $335 level, it will be declining to retest waters on the $325 support for further downflow movements.
MACD – The MACD is about to move into the bullish zone.
RSI – The RSI is currently below the 50 level, but stable.