Ethereum is gaining modestly above the $350 resistance zone versus the US Dollar. ETH price is expected to accelerate higher if it reconciles above $362 and the 100 SMA (H4).
- ETH price began a fair comeback wave from the $310-$315 support zone versus the US Dollar.
- The price is now trading above the $350 resistance and near the 100 simple moving average (4-hours).
- There is a crucial rising channel building with support near $352 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The couple is anticipated to continue higher if it settles above $362 and the 100 SMA (H4).
Ethereum Price Getting Bullish Momentum
Just in the recent week, Ethereum prevailed to be stable above the $300 support zone against the US Dollar. ETH price traded as low as $313 and recently started a steady recovery wave above the $330 resistance.
Ether price was able to recover nicely above the $335 and $340 levels. The price gained pace after there was a break above a connecting bearish trend line with resistance near the $430 level on the 4-hours chart of ETH/USD.
There was also a break above the 50% Fib retracement level of the downward move from the $394 high to $313 swing low. Ether is now trading above the $350 resistance and the near 100 simple moving average (4-hours). Nevertheless, it is being confronted by a strong resistance near the $362 level.
It seems like the 61.8% Fib retrenchment level of the downward move from the $394 high to $313 swing low is acting as a strong resistance. There is also a critical rising channel forming with support near $352 on the same chart.
A clear break above the channel resistance, 100 SMA (h4), and the $362 zone could open the doorways for a visible boost. The next major barrier is near the $375 level, above which the price might rally to $400.
Are Downsides Supported in Ethereum (ETH)?
If Ethereum neglects to clear the $362 resistance zone, it might start a downside correction. Primary support is near the channel support at $352.
If there is a downside break below the channel support at $352, there is a risk of a drop towards the $345 support zone. Any further losses might negate the current bullish wave and ether could revisit the $315 level.
Four hours MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Four hours RSI – The RSI for ETH/USD is well above the 50 levels.
Major Support Level – $345
Major Resistance Level – $362