Ethereum Setup for Continuation of Gain – ETH Price Daily Analysis Sep 8
Ethereum range bound for some time now with no major movement. However, a setup is formed for more gain in the upcoming day.
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.
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.