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.