Ethereum Setup for Continuation of Gain – ETH Price Daily Analysis Sep 8

ether price forecast

Ethereum range bound for some time now with no major movement. However, a setup is formed for more gain in the upcoming day.

Major Points

  • Ethereum against the US Dollar is right now hovering over the $320 mark.
  • On the hourly chart of ETH/USD, a closing in quick-term triangle is being formed around the major resistance $335.
  • A stable ground of trading should be formed first over the $324 mark and then continue and change.

Ethereum Price Like the Rest “Struggle for More Gain”

There were two attempts of breaking above the $330-$335 resistance with the trading flow but with no success. A range bound movement just over the 100 hourly simple moving average and the $325 level is being made. Since the last flow from $274 to $339 high, the pair ETH/USD has moved lower than the 23.6% Fib retracement level but there was no significant descending pressure so Ethereum traded again over the $325 level.

Above mentioned downward flow was interrupted on the 100 hourly simple moving average support found at $322 while now a closing-in triangle is being formed on the hourly chart of ETH against the USD with resistances at $335. If the event takes place of spiking below the $324 support than the pair could target next the $314 level.

ethereum prediction

Source: SimpleFX

For now, a consolidating experience might continue for Ethereum price, but if it holds strong above the $324 level further gains will continue on the short term understanding.

  • Hourly MACD – The MACD is almost flat with no sign of a break.
  • Hourly RSI – The RSI is just above the 50 level with no real momentum.
  • Support Level – $324
  • Resistance Level – $336

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