{"id":439788,"date":"2020-09-27T07:18:35","date_gmt":"2020-09-27T07:18:35","guid":{"rendered":"https:\/\/wncen.com\/?p=439788"},"modified":"2024-06-11T14:16:54","modified_gmt":"2024-06-11T14:16:54","slug":"ethereum-primed-for-rally-above-362","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-primed-for-rally-above-362\/","title":{"rendered":"Ethereum is Primed For a Rally And Only 1 Thing is Holding it Back 2020-09-27"},"content":{"rendered":"
Ethereum is recovering nicely above the $350 resistance zone against the US Dollar. ETH price is likely to accelerate higher if it settles above $362 and the 100 SMA (H4).<\/em><\/p>\n This past week, Ethereum remained stable above the $300 support zone<\/a> against the US Dollar. ETH price traded as low as $313 and recently started a steady recovery wave above the $330 resistance.<\/p>\n 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.<\/p>\n 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<\/a> and the near 100 simple moving average (4-hours). However, it is facing a strong resistance near the $362 level.<\/p>\n <\/a><\/p>\n It seems like the 61.8% Fib retracement level of the downward move from the $394 high to $313 swing low is acting as a strong resistance. There is also a key rising channel forming with support near $352 on the same chart.<\/p>\n A clear break above the channel resistance, 100 SMA (h4), and the $362 zone could open the doors for a sharp increase. The next major hurdle is near the $375 level, above which the price might rally to $400.<\/p>\n If Ethereum fails to clear the $362 resistance zone, it might start a downside correction. An initial support is near the channel support at $352.<\/p>\n 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.<\/p>\n Technical Indicators<\/p>\n 4 hours MACD \u2013 The MACD for ETH\/USD is gaining pace in the bullish zone.<\/p>\n 4 hours RSI – The RSI for ETH\/USD is well above the 50 level.<\/p>\n Major Support Level \u2013 $345<\/p>\n Major Resistance Level \u2013 $362<\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum is recovering nicely above the $350 resistance zone against the US Dollar. ETH price is likely to accelerate higher if it settles above $362 and the 100 SMA (H4). ETH price started a decent recovery wave from the $310-$315 support zone against the US Dollar. The price is now trading above the $350 resistance and near the 100 simple moving average (4-hours). There is a key rising channel forming with support near $352 on the 4-hours chart of ETH\/USD (data feed via Kraken). The pair is likely to continue higher if it settles above $362 and the 100 SMA (H4). Ethereum Price Gaining Bullish Momentum This past week, Ethereum remained 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). However, it is facing a strong resistance near the $362 level. Ethereum price trades above $350. Source: TradingView.com It seems like the 61.8% Fib retracement level of the downward move from the $394 high to $313 swing low is acting as a strong resistance. There is also a key 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 doors for a sharp increase. The next major hurdle is near the $375 level, above which the price might rally to $400. Downsides Supported in Ether (ETH)? If Ethereum fails to clear the $362 resistance zone, it might start a downside correction. An initial 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. Technical Indicators 4 hours MACD \u2013 The MACD for ETH\/USD is gaining pace in the bullish zone. 4 hours RSI – The RSI for ETH\/USD is well above the 50 level. Major Support Level \u2013 $345 Major Resistance Level \u2013 $362<\/p>\n","protected":false},"author":67,"featured_media":439790,"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-439788","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 Gaining Bullish Momentum<\/h2>\n
Ethereum price trades above $350. Source: TradingView.com<\/a><\/pre>\n
Downsides Supported in Ether (ETH)?<\/h2>\n