Ethereum is currently consolidating gains above the $307 and $310 support levels against the US Dollar. ETH price must surpass the $325 resistance zone to trigger a fresh rally.<\/p>\n
In the past few sessions, Ethereum traded in a broad range above the $310 support against the US Dollar. ETH price made a couple of attempts to clear the $325 resistance, but it failed.<\/p>\n
The last swing high was formed near the $325 level before the price started a downside correction. It traded below the $320 level, but it is still well above the 100 hourly simple moving average. Ether is currently testing the 50% Fib retracement level of the recent wave from the $307 swing low to $325 high.<\/p>\n
On the downside, there is a major support forming near the $312 level and the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the recent wave from the $307 swing low to $325 high.<\/p>\n<\/p>\n
It seems like there is a key contracting triangle forming with resistance near $321 on the hourly chart of ETH\/USD. If ether price breaks the triangle resistance, it could even attempt to clear the $325 resistance. A successful close above the $325 resistance may perhaps open the doors for a sharp rally in the coming sessions. The next target for the bulls might be $350.<\/p>\n
There are many key supports forming near $312, $310 and $307. If the price breaks the $312 support, it might extend its decline towards the $307 support.<\/p>\n
The next major support is near the $300 level (the breakout zone), below which the price is likely to continue lower towards the $290 level in the near term.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD The MACD for ETH\/USD is about to move back into the bullish zone.<\/p>\n
Hourly RSI The RSI for ETH\/USD is currently rising towards the 50 level.<\/p>\n
Major Support Level $307<\/p>\n
Major Resistance Level $325<\/p>\n
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Ethereum Above $325 Could Trigger A Fresh Rally Towards $350 - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum is currently consolidating gains above the $307 and $310 support levels against the US Dollar. ETH price must surpass the $325 resistance zone to trigger a fresh rally. In the past few sessions, Ethereum traded in a broad range above the $310 support against the US Dollar Continue reading