{"id":440594,"date":"2020-10-06T05:48:04","date_gmt":"2020-10-06T05:48:04","guid":{"rendered":"https:\/\/wncen.com\/?p=440594"},"modified":"2024-06-11T14:17:33","modified_gmt":"2024-06-11T14:17:33","slug":"ethereum-could-rally-if-it-clears-355","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-could-rally-if-it-clears-355\/","title":{"rendered":"Ethereum Key Indicators Suggest A Strong Rally if it Clears $355"},"content":{"rendered":"
Ethereum is trading near a major resistance zone at $355 against the US Dollar. ETH price is likely to accelerate higher once there is a proper close above $355.<\/em><\/p>\n Ethereum started a fresh recovery wave from the $335 support level. ETH price settled above the $340 pivot level and it even climbed above the 100 hourly simple moving average.<\/p>\n The bulls were able to clear the $350 resistance<\/a>, but they are facing an uphill task near the $355 level. Ether price has already made more than two attempts to clear the $355 resistance, but it failed to gain bullish momentum.<\/p>\n The price is currently stuck near the $355 level. The recent high was formed near $355 before there was a minor downside correction<\/a>. The price spiked below the 23.6% Fib retracement level of the upward move from the $345 swing low to $355 high.<\/p>\n <\/a><\/p>\n However, ether remained well bid above the $350 support and the 100 hourly SMA. The 50% Fib retracement level of the upward move from the $345 swing low to $355 high also acted as a support.<\/p>\n It seems like there is a key contracting triangle forming with resistance near $355 on the hourly chart of ETH\/USD. If there is an upside break and close above $355, the price is likely to rise sharply. The next key resistance is near the $360 level, above which the price might surge towards $370.<\/p>\n If Ethereum fails to clear the $355 resistance, there are chances of another bearish wave. An initial support on the downside is near the triangle trend line at $352.<\/p>\n The main support is forming near the 100 hourly SMA and the $350 level. A clear break below the $350 support level might negate the chances of a possible upward move towards $370 in the next 2-3 days.<\/p>\n Technical Indicators<\/p>\n Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is struggling to gain pace in the bullish zone.<\/p>\n Hourly RSI – <\/strong>The RSI for ETH\/USD is currently above the 50 level, with a bearish angle.<\/p>\n Major Support Level \u2013 $350<\/p>\n Major Resistance Level \u2013 $355<\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum is trading near a major resistance zone at $355 against the US Dollar. ETH price is likely to accelerate higher once there is a proper close above $355. Ethereum is attempting a major upside break above the key $355 resistance zone. The price must stay above the 100 hourly simple moving average and $350 for a possible bullish break. There is a key contracting triangle forming with resistance near $355 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could also decline heavily below $350 if it continues to struggle near $355. Ethereum Price is Testing Crucial Resistance Ethereum started a fresh recovery wave from the $335 support level. ETH price settled above the $340 pivot level and it even climbed above the 100 hourly simple moving average. The bulls were able to clear the $350 resistance, but they are facing an uphill task near the $355 level. Ether price has already made more than two attempts to clear the $355 resistance, but it failed to gain bullish momentum. The price is currently stuck near the $355 level. The recent high was formed near $355 before there was a minor downside correction. The price spiked below the 23.6% Fib retracement level of the upward move from the $345 swing low to $355 high. Ethereum price is testing $355. Source: TradingView.com However, ether remained well bid above the $350 support and the 100 hourly SMA. The 50% Fib retracement level of the upward move from the $345 swing low to $355 high also acted as a support. It seems like there is a key contracting triangle forming with resistance near $355 on the hourly chart of ETH\/USD. If there is an upside break and close above $355, the price is likely to rise sharply. The next key resistance is near the $360 level, above which the price might surge towards $370. Downside Break in ETH? If Ethereum fails to clear the $355 resistance, there are chances of another bearish wave. An initial support on the downside is near the triangle trend line at $352. The main support is forming near the 100 hourly SMA and the $350 level. A clear break below the $350 support level might negate the chances of a possible upward move towards $370 in the next 2-3 days. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is struggling to gain pace in the bullish zone. Hourly RSI – The RSI for ETH\/USD is currently above the 50 level, with a bearish angle. Major Support Level \u2013 $350 Major Resistance Level \u2013 $355<\/p>\n","protected":false},"author":67,"featured_media":440596,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1946,8686,78803],"class_list":["post-440594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n\n
Ethereum Price is Testing Crucial Resistance<\/h2>\n
Ethereum price is testing $355. Source: TradingView.com<\/a><\/pre>\n
Downside Break in ETH?<\/h2>\n