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
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