{"id":439630,"date":"2020-09-25T05:48:19","date_gmt":"2020-09-25T05:48:19","guid":{"rendered":"https:\/\/wncen.com\/?p=439630"},"modified":"2024-06-11T14:16:50","modified_gmt":"2024-06-11T14:16:50","slug":"ethereum-recovers-sharply-355-a-major-hurdle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-recovers-sharply-355-a-major-hurdle\/","title":{"rendered":"Ethereum Recovers Sharply, But ETH Must Clear This Level For A Sustained Rally"},"content":{"rendered":"
Ethereum is up 7% and it broke the $340 resistance zone against the US Dollar. ETH price is now facing a major hurdle near $350 and $355, above which it could rally significantly.<\/em><\/p>\n After extending its decline below $320<\/a>, Ethereum found support above the $310 level. ETH price traded as low as $313 and recently started a decent recovery wave.<\/p>\n Ether price broke the $320 and $330 levels to move into a short-term positive zone. There was also a break above a major bearish trend line with resistance near $328 on the hourly chart of ETH\/USD. The pair gained pace above the $340 resistance level.<\/p>\n However, ether is now facing a major resistance near the $350<\/a> (the last key breakdown zone). A high is formed near $353 and the price is currently correcting lower. An initial support is near the $342 level and the 100 hourly simple moving average.<\/p>\n <\/a><\/p>\n The 23.6% Fib retracement level of the recent increase from the $313 swing low to $353 high is also near the $343 level. If there is a downside break below the $342 support zone, the price could correct lower towards $335.<\/p>\n The 50% Fib retracement level of the recent increase from the $313 swing low to $353 high is near the $335 level to provide support. On the upside, the bulls are facing a major resistance near $350 and $355. A successful close above the $355 resistance could open the doors for a sharp increase towards $365 or even $375.<\/p>\n If Ethereum fails to recover above the $350 and $355 resistance levels, there is a risk of a fresh decline. The main support is now forming near the $335 level.<\/p>\n If ether price fails to stay above the $335 support, the current wave could turn bearish. In the stated case, the price is likely to decline below $320 and it might even revisit the $310 support.<\/p>\n Technical Indicators<\/p>\n Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now losing pace in the bullish zone.<\/p>\n Hourly RSI – <\/strong>The RSI for ETH\/USD is currently correcting lower below 60 and towards 50.<\/p>\n Major Support Level \u2013 $335<\/p>\n Major Resistance Level \u2013 $355<\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum is up 7% and it broke the $340 resistance zone against the US Dollar. ETH price is now facing a major hurdle near $350 and $355, above which it could rally significantly. Ethereum started a steady recovery wave from the $313 swing low. The price broke the $340 resistance level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $328 on the hourly chart of ETH\/USD (data feed via Kraken). The pair is likely to continue higher if it clears the $350 and $355 resistance levels. Ethereum Price Recovers 7% After extending its decline below $320, Ethereum found support above the $310 level. ETH price traded as low as $313 and recently started a decent recovery wave. Ether price broke the $320 and $330 levels to move into a short-term positive zone. There was also a break above a major bearish trend line with resistance near $328 on the hourly chart of ETH\/USD. The pair gained pace above the $340 resistance level. However, ether is now facing a major resistance near the $350 (the last key breakdown zone). A high is formed near $353 and the price is currently correcting lower. An initial support is near the $342 level and the 100 hourly simple moving average. Ethereum price recovers above $340. Source: TradingView.com The 23.6% Fib retracement level of the recent increase from the $313 swing low to $353 high is also near the $343 level. If there is a downside break below the $342 support zone, the price could correct lower towards $335. The 50% Fib retracement level of the recent increase from the $313 swing low to $353 high is near the $335 level to provide support. On the upside, the bulls are facing a major resistance near $350 and $355. A successful close above the $355 resistance could open the doors for a sharp increase towards $365 or even $375. Fresh Decline in ETH? If Ethereum fails to recover above the $350 and $355 resistance levels, there is a risk of a fresh decline. The main support is now forming near the $335 level. If ether price fails to stay above the $335 support, the current wave could turn bearish. In the stated case, the price is likely to decline below $320 and it might even revisit the $310 support. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is now losing pace in the bullish zone. Hourly RSI – The RSI for ETH\/USD is currently correcting lower below 60 and towards 50. Major Support Level \u2013 $335 Major Resistance Level \u2013 $355<\/p>\n","protected":false},"author":67,"featured_media":439632,"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-439630","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 Recovers 7%<\/h2>\n
Ethereum price recovers above $340. Source: TradingView.com<\/a><\/pre>\n
Fresh Decline in ETH?<\/h2>\n