Analytics / Forex and Crypto News
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.
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.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov