{"id":437947,"date":"2020-09-10T05:48:55","date_gmt":"2020-09-10T05:48:55","guid":{"rendered":"https:\/\/wncen.com\/?p=437947"},"modified":"2024-06-11T14:16:11","modified_gmt":"2024-06-11T14:16:11","slug":"ethereum-rallies-10","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-rallies-10\/","title":{"rendered":"Ethereum Rallies 10%, But The Bulls Still Need To Clear This Hurdle"},"content":{"rendered":"
Ethereum started a strong recovery wave above the $350 resistance against the US Dollar. ETH price is up over 10%, but it must still break the $370 resistance for upside continuation.<\/em><\/p>\n After forming a support base above $330, Ethereum started a strong recovery wave<\/a>. ETH price broke the $340 and $350 resistance levels to move into a positive zone.<\/p>\n There was a close above the $350 resistance and the 100 hourly simple moving average. The upward move gained pace<\/a> after there was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH\/USD.<\/p>\n The pair traded above the 50% Fib retracement level of the downward move from the $401 high to $310 swing low. Ether price is now testing another major resistance near the $370 level (the last breakdown zone).<\/p>\n <\/a><\/p>\n The next key resistance is near the $380 level. It is close to the 76.4% Fib retracement level of the downward move from the $401 high to $310 swing low. A successful close above the $370 and $380 resistance levels may perhaps open the doors for a decent increase.<\/p>\n The next major resistance is near the $395 and $400 levels, above which the price is likely to rise steadily towards the $430 resistance zone.<\/p>\n If Ethereum fails to clear the $370 resistance or the $380 technical hurdles, there could be a short-term downside correction. An initial support on the downside is near the $360 level.<\/p>\n The next major support is near the $350 level and the 100 hourly simple moving average. If ether fails to stay above the $350 support, the price is likely to resume its decline. In the stated case, the bears might aim a retest of the $330 support.<\/p>\n Technical Indicators<\/p>\n Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly gaining pace in the bullish zone.<\/p>\n Hourly RSI – <\/strong>The RSI for ETH\/USD is currently near the 70 level.<\/p>\n Major Support Level \u2013 $350<\/p>\n Major Resistance Level \u2013 $370<\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum started a strong recovery wave above the $350 resistance against the US Dollar. ETH price is up over 10%, but it must still break the $370 resistance for upside continuation. Ethereum gaining traction above the $340 and $350 resistance levels. The price is now well above the 100 hourly simple moving average, but it is facing hurdles near $370. There was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH\/USD (data feed via Kraken). The pair must surpass the $370 resistance for upside continuation in the near term. Ethereum Price Rally Reaches Inflection Zone After forming a support base above $330, Ethereum started a strong recovery wave. ETH price broke the $340 and $350 resistance levels to move into a positive zone. There was a close above the $350 resistance and the 100 hourly simple moving average. The upward move gained pace after there was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH\/USD. The pair traded above the 50% Fib retracement level of the downward move from the $401 high to $310 swing low. Ether price is now testing another major resistance near the $370 level (the last breakdown zone). Ethereum price trades above $360. Source: TradingView.com The next key resistance is near the $380 level. It is close to the 76.4% Fib retracement level of the downward move from the $401 high to $310 swing low. A successful close above the $370 and $380 resistance levels may perhaps open the doors for a decent increase. The next major resistance is near the $395 and $400 levels, above which the price is likely to rise steadily towards the $430 resistance zone. Downside Correction in ETH? If Ethereum fails to clear the $370 resistance or the $380 technical hurdles, there could be a short-term downside correction. An initial support on the downside is near the $360 level. The next major support is near the $350 level and the 100 hourly simple moving average. If ether fails to stay above the $350 support, the price is likely to resume its decline. In the stated case, the bears might aim a retest of the $330 support. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly gaining pace in the bullish zone. Hourly RSI – The RSI for ETH\/USD is currently near the 70 level. Major Support Level \u2013 $350 Major Resistance Level \u2013 $370<\/p>\n","protected":false},"author":67,"featured_media":437949,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,13625,4],"tags":[1946,8686,78803],"class_list":["post-437947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum","category-analysis","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n\n
Ethereum Price Rally Reaches Inflection Zone<\/h2>\n
Ethereum price trades above $360. Source: TradingView.com<\/a><\/pre>\n
Downside Correction in ETH?<\/h2>\n