Forex and Crypto News

Ethereum recovers after falling

18:22 10 September /2020

After the bulls managed to keep the price of Ethereum around $330, it began an active recovery. From September 6 to September 9, the Ethereum price tried several times unsuccessfully to overcome the $350 resistance level. But today the pair ETH/USD was still able to overcome the $350 level and at the time of publication, the Ethereum price is $368.

ethusd-10-september.jpg

As a result of this growth, the ETH/USD pair still remains below the 100-hour moving average but managed to come close to the resistance level of $370, which it must overcome in order to continue growing. The $370 level is the last breakout zone that opened the way for the bears.

If the bulls manage to push the price above $370, further strong resistance will await them near the 100-hour moving average, $390- $400. The $380 level is intermediate resistance, which is close to the 76.4% Fibonacci retracement level of the decline from $400 to the $317 area.

If the ETH/USD pair manages to pass the $395- $400 resistance area, it will show a steady rise to the $430 area.

If the $370 level turns out to be strong for the bulls again, the ETH/USD pair may again demonstrate a short-term downward correction. In such a case, initial support is around the $360 level. If the bulls fail to keep the bears at this level, we may see the bears retesting the $330 support level.

The RSI technical indicator is trading in the 50 area, but is showing an uptrend. The 4-hour MACD is slowly gaining momentum in the bullish zone.

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