{"id":445911,"date":"2020-10-09T05:48:46","date_gmt":"2020-10-09T05:48:46","guid":{"rendered":"https:\/\/wncen.com\/?p=445911"},"modified":"2024-06-11T14:06:52","modified_gmt":"2024-06-11T14:06:52","slug":"ethereum-recovery-could-soon-fade","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-recovery-could-soon-fade\/","title":{"rendered":"TA: Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $355"},"content":{"rendered":"
Ethereum recovered 4% and it climbed above the $350 pivot against the US Dollar. ETH price could still trim gains if it fails to clear the main $355 resistance zone.<\/em><\/p>\n Ethereum remained well bid above the $335 support level, resulting in a fresh upward move (similar to bitcoin<\/a>). ETH price surpassed the $340 and $342 levels to start the current recovery wave.<\/p>\n More importantly, there was a break above a key bearish trend line with resistance near $342 on the hourly chart of ETH\/USD. Ether price even climbed above the $350 resistance<\/a> level and settled well above the 100 hourly simple moving average.<\/p>\n The price traded as high as $353 and it is currently consolidating gains. It seems like there is a key contracting triangle forming with support near $349 on the same chart. The triangle support is close to the 23.6% Fib retracement level of the recent increase from the $334 swing low to $353 high.<\/p>\n <\/a><\/p>\n On the upside, an initial resistance is near the triangle trend line at $353. The main resistance is still near the $355 level. A successful daily close above the $355 resistance could open the doors for a sharp rally towards the $365 and $370 levels in the near term. The next key resistance is near the $380 level.<\/p>\n If Ethereum fails to clear the $353 resistance or $355, there are chances of a fresh drop. The first major support is near the $346 level and the 100 hourly simple moving average.<\/p>\n The next major support for ether is near the $344 level or the 50% Fib retracement level of the recent increase from the $334 swing low to $353 high. Any further losses will most likely clear the path for a drop towards the key $335 support zone.<\/p>\n Technical Indicators<\/p>\n Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly moving back into the bearish zone.<\/p>\n Hourly RSI – <\/strong>The RSI for ETH\/USD is currently holding the 60 level and it might correct lower.<\/p>\n Major Support Level \u2013 $344<\/p>\n Major Resistance Level \u2013 $355<\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum recovered 4% and it climbed above the $350 pivot against the US Dollar. ETH price could still trim gains if it fails to clear the main $355 resistance zone. Ethereum started a decent recovery wave above the $345 and $350 resistance levels. The price is now well above the 100 hourly simple moving average, but it is facing hurdles near $355. There was a break above a key bearish trend line with resistance near $342 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could start a fresh decrease if there is no upside break above the main $355 resistance. Ethereum Price Recovers 4% Ethereum remained well bid above the $335 support level, resulting in a fresh upward move (similar to bitcoin). ETH price surpassed the $340 and $342 levels to start the current recovery wave. More importantly, there was a break above a key bearish trend line with resistance near $342 on the hourly chart of ETH\/USD. Ether price even climbed above the $350 resistance level and settled well above the 100 hourly simple moving average. The price traded as high as $353 and it is currently consolidating gains. It seems like there is a key contracting triangle forming with support near $349 on the same chart. The triangle support is close to the 23.6% Fib retracement level of the recent increase from the $334 swing low to $353 high. Ethereum price spikes above $350. Source: TradingView.com On the upside, an initial resistance is near the triangle trend line at $353. The main resistance is still near the $355 level. A successful daily close above the $355 resistance could open the doors for a sharp rally towards the $365 and $370 levels in the near term. The next key resistance is near the $380 level. Fresh Drop in ETH? If Ethereum fails to clear the $353 resistance or $355, there are chances of a fresh drop. The first major support is near the $346 level and the 100 hourly simple moving average. The next major support for ether is near the $344 level or the 50% Fib retracement level of the recent increase from the $334 swing low to $353 high. Any further losses will most likely clear the path for a drop towards the key $335 support zone. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly moving back into the bearish zone. Hourly RSI – The RSI for ETH\/USD is currently holding the 60 level and it might correct lower. Major Support Level \u2013 $344 Major Resistance Level \u2013 $355<\/p>\n","protected":false},"author":67,"featured_media":445913,"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-445911","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 Recovers 4%<\/h2>\n
Ethereum price spikes above $350. Source: TradingView.com<\/a><\/pre>\n
Fresh Drop in ETH?<\/h2>\n