{"id":387504,"date":"2019-06-26T03:08:21","date_gmt":"2019-06-26T03:08:21","guid":{"rendered":"https:\/\/wncen.com\/?p=387504"},"modified":"2024-06-11T13:44:37","modified_gmt":"2024-06-11T13:44:37","slug":"ethereum-eth-price-can-it-rally-similar-to-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-eth-price-can-it-rally-similar-to-bitcoin\/","title":{"rendered":"Ethereum (ETH) Price Facing Uphill Task: Can It Rally Similar To Bitcoin"},"content":{"rendered":"
Ethereum price is facing a strong resistances versus the US Dollar, and declined vs bitcoin<\/a>. ETH price must clear the $320 barrier to accelerate higher in the near term.<\/em><\/p>\n Recently, there were strong gains in bitcoin price<\/a> above $11,500, but Ethereum price failed to rise against the US Dollar. The ETH\/USD pair made another attempt to climb above the $318 and $320 resistances. However, the bulls struggled to gain strength above the $320 level. A new 2019 high was formed near $320, but the price remained below $320. It is currently correcting lower and is trading below $318.<\/p>\n It broke the 23.6% Fib retracement level of the recent wave from the $306 swing low to $320 swing high. On the downside, there are a few important supports near the $312 and $311 levels. There is also a key bullish trend line forming with support near $311 on the hourly chart of ETH\/USD. Moreover, the 50% Fib retracement level of the recent wave from the $306 swing low to $320 swing high is also near the $312 level.<\/p>\n Therefore, if the price continues to correct lower, it is likely to find support near $312 or $311. If there is a downside break below the $310 level, the price could accelerate declines in the near term. The next major support is near the last swing low at $306 or the 100 hourly simple moving average.<\/p>\n On the upside, the $318 and $320 levels are important hurdles. Once there is a successful close and follow through above $320, Ethereum could gain momentum. The next key resistances area near the $330 and $340 levels.<\/p>\nEthereum Price Analysis<\/h2>\n