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Ethereum Smashes Another Hurdle: A Strong Case for Upside To $350

Ethereum Smashes Another Hurdle: A Strong Case for Upside To $350

Ethereum gained greater than 4% and it surged above the $335 resistance towards the US Dollar. ETH worth traded to a brand new month-to-month excessive at $343 and it might rise additional to $350.

  • Ethereum began a recent enhance above the $325 and $335 resistance ranges.
  • The worth traded to a brand new month-to-month excessive at $343 and it settled properly above the 100 hourly easy shifting common.
  • There was a break above an important contracting triangle with resistance close to $320 on the hourly chart of ETH/USD (information feed through Kraken).
  • The pair is at present correcting features, however it’s more likely to rise in the direction of the $350 resistance.

Ethereum Price Gains Bullish Momentum

After a few swing strikes and a draw back correction, Ethereum discovered assist above $315 towards the US Dollar. A assist base was shaped above the $320 stage and just lately ETH worth began a recent enhance.

Ether climbed above the $325 pivot stage and the 100 hourly easy shifting common to maneuver right into a constructive zone. As a outcome, there was a pointy enhance and the value climbed above the $330 and $335 resistance ranges.

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During the surge, there was a break above an important contracting triangle with resistance close to $320 on the hourly chart of ETH/USD. The pair even broke the $340 stage and traded to a brand new month-to-month excessive close to $343. It is at present correcting decrease and buying and selling beneath $340.

Ethereum worth trades above $242. Source: TradingView.com

There was a break beneath the $335 stage, plus the 23.6% Fib retracement stage of the current surge from the $315 swing low to $343 excessive. However, the value is now buying and selling close to the $330 assist space (the current breakout zone).

The 50% Fib retracement stage of the current surge from the $315 swing low to $343 excessive can also be close to the $328 stage to supply assist. On the upside, ether worth is dealing with a short-term resistance close to $335. The fundamental hurdle is now close to $342, above which the value is more likely to speed up greater in the direction of the $350 resistance.

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Dips Supported in ETH?

If there’s a draw back extension, Ethereum worth may discover bids close to the $325 stage. A draw back break beneath the $328 and $325 ranges may begin one other prolonged decline.

The subsequent main assist is close to the $318 stage and the 100 hourly SMA, the place the bulls are more likely to take a robust stand within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly shifting into the bearish zone.

Hourly RSI – The RSI for ETH/USD is at present properly above the 55 stage.

Major Support Level – $330

Major Resistance Level – $342

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Risk disclaimer: 76.4% of retail CFD accounts lose cash.

EditorialTeam

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