Ethereum descended spiking which followed right after reaching significant highs. Could the ETH/USD upward channel now be still in tact – over the $325 mark?
- Ether price lowered greatly and swift since the major high of $395.
- With the $325 mark as support, on the 4-hours chart of ETH/USD a formed bullish trend is strongly in tact.
- Selling pressure is still tanking the price while it is recovering.
Ethereum Price found Support now Attempting to Return
The week just left behind could be best described with a fluctuating at first but bullish increasing trend that lead the price against the US Dollar to reach over and past the $380 significant mark. The selling pressure returned for profit just before really testing the $400 as it touched the $395.56 mark but buyers and demands had a rough time to keep the value stable above the highest mark reached so a sharp descending movement came. This happened over-all the the crypto-market wit the Record breaker Bitcoin starting off and pulling down ETH with.
It declined for almost $50 in price before it reached the major $325 supporting level on the 4-hour chart of ETH/USD forming a great bullish supportive trend. So for now the indicator of most importance right now is the $325 mark which is close the 100 simple moving average.
A movement over the 23.6% Fib retracement level has be made since the last downflowing wave $395.56 to $325.47 as described with a general recovery initiated. Main struggle for the buying pressure to uproot the price could be at the $360 major resistance and keeping in mind that since the last above mentioned wave, the 50% Fib retracement level is close to $359 concluding that the active support is of great importance for the-moment-bullish increasing trend.
- 4-hours MACD – The MACD has moved into the bearish zone.
- 4-hours RSI – The RSI is now recovering from the oversold levels.
- Support Level – $330
- Resistance Level – $360