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Ethereum Price To Reach The Moon?


The price of the ETH suffered some hard blows in the past two days. The US Dollar appears to beat the ETH price, which has currently lost below 325$ against the USD. However, Ethereum is trying hard to recover its price.

Is recovery possible for the Ethereum price?

ETH hit a low point when after it traded for $281.24, declining bellow the $290 level. We must remember that the Ethereum price managed to go up to $336.32, its highest point so far. The 23.6% Fib retracement level of the last decline from $336.32 to $281.24 was breached.

This is a heavy loss for ETH, but it slowly began to recover with the buyers’ support. Their help managed to bring the price somewhere above $286.00.

However, data provided by SimpleFX showed that, with a resistance close to $297,50 in the hourly chart of ETH/USD, there was a break above the bearish trend line. So in the near future we can hope for a rise over $300.

If you are wondering what is the next resistance we can already tell you that it is around the 50% Fin retracement level of the last decline from the $336.32 high to $281.24 low at $308,78. There is also a bearish line at $316 in the same chart, above $308.78. Therefore, there is a chance that the ETH price will continue to go higher, but it will be difficult to pass the $308 – $315 resistance zone since the $308 resistance is very important.

The 100 hourly average is somewhere close to $309 and that can act as a barrier. However, the broken trend line can offer support near $298. We will see if the ETH price will manage to recover.