{"id":4766,"date":"2020-09-27T07:18:35","date_gmt":"2020-09-27T07:18:35","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=439788"},"modified":"2020-09-27T07:18:35","modified_gmt":"2020-09-27T07:18:35","slug":"ethereum-is-primed-for-a-rally-and-only-1-thing-is-holding-it-back","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ethereum-is-primed-for-a-rally-and-only-1-thing-is-holding-it-back\/","title":{"rendered":"Ethereum is Primed For a Rally And Only 1 Thing is Holding it Back"},"content":{"rendered":"<p><em>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).<\/em><\/p>\n<ul>\n<li>ETH price started a decent recovery wave from the $310-$315 support zone against the US Dollar.<\/li>\n<li>The price is now trading above the $350 resistance and near the 100 simple moving average (4-hours).<\/li>\n<li>There is a key rising channel forming with support near $352 on the 4-hours chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair is likely to continue higher if it settles above $362 and the 100 SMA (H4).<\/li>\n<\/ul>\n<h2>Ethereum Price Gaining Bullish Momentum<\/h2>\n<p>This past week, Ethereum remained stable above the <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/24\/ethereum-strengthening-case-for-break-below-300\/\" target=\"_blank\" rel=\"noopener noreferrer\">$300 support zone<\/a> against the US Dollar. ETH price traded as low as $313 and recently started a steady recovery wave above the $330 resistance.<\/p>\n<p>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.<\/p>\n<p>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 <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/25\/ethereum-recovers-sharply-355-a-major-hurdle\/\" target=\"_blank\" rel=\"noopener noreferrer\">$350 resistance<\/a> and the near 100 simple moving average (4-hours). However, it is facing a strong resistance near the $362 level.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-22.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-439789\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-22.png\" alt=\"Ethereum\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-22.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-22-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-22-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-22-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-22-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-22-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Ethereum-22-1140x541.png 1140w\" sizes=\"(max-width: 1828px) 100vw, 1828px\" \/><\/a><\/p>\n<pre>Ethereum price trades above $350. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener noreferrer\">TradingView.com<\/a><\/pre>\n<p>It seems like the 61.8% Fib retracement level of the downward move from the $394 high to $313 swing low is acting as a strong resistance. There is also a key rising channel forming with support near $352 on the same chart.<\/p>\n<p>A clear break above the channel resistance, 100 SMA (h4), and the $362 zone could open the doors for a sharp increase. The next major hurdle is near the $375 level, above which the price might rally to $400.<\/p>\n<h2>Downsides Supported in Ether (ETH)?<\/h2>\n<p>If Ethereum fails to clear the $362 resistance zone, it might start a downside correction. An initial support is near the channel support at $352.<\/p>\n<p>If there is a downside break below the channel support at $352, there is a risk of a drop towards the $345 support zone. Any further losses might negate the current bullish wave and ether could revisit the $315 level.<\/p>\n<p>Technical Indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for ETH\/USD is gaining pace in the bullish zone.<\/p>\n<p>4 hours RSI &#8211; The RSI for ETH\/USD is well above the 50 level.<\/p>\n<p>Major Support Level \u2013 $345<\/p>\n<p>Major Resistance Level \u2013 $362<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is recovering nicely above the $350 resistance zone against the US Dollar. ETH price is likely to accelerate higher if&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4767,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[112,73,111,113],"class_list":["post-4766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-analysis","tag-ethereum","tag-ethusd","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4766"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=4766"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4766\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4767"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}