Ethereum is Primed for a Rally

Ethereum is Primed for a Rally

Ethereum is Primed For a Rally And Only 1 Thing is Holding it Back.


Ethereum is recovering nicely above the $350 resistance zone against the US Dollar.

ETH price is likely to accelerate higher if it settles above $362 and the 100 SMA (H4).

ETH price started a decent recovery wave from the $310-$315 support zone against the US Dollar.


The price is now trading above the $350 resistance and near the 100 simple moving average (4-hours).


There is a key rising channel forming with support near $352 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher if it settles above $362 and the 100 SMA (H4).
Ethereum Price Gaining Bullish Momentum
This past week, Ethereum remained stable above the $300 support zone against the US Dollar. ETH price traded as low as $313 and recently started a steady recovery wave above the $330 resistance.

 

Ether price was able to recover nicely above the $335 and $340 levels. The price gained pace after there was a break above a connecting bearish trend line with resistance near the $430 level on the 4-hours chart of ETH/USD.

 

There was also a break above the 50% Fib retracement level of the downward move from the $394 high to $313 swing low. Ether is now trading above the $350 resistance and the near 100 simple moving average (4-hours). However, it is facing a strong resistance near the $362 level.

 

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