Ethereum is recovering higher and trading above the $335 resistance against the US Dollar. ETH price is likely to accelerate higher if it clears the $360 level and the 100 hourly SMA.
- Ethereum is slowly recovering above the $335 and $340 resistance levels.
- The price is still facing a major resistance near $360 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $351 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a sharp relief rally if it clears the $360 resistance zone.
Ethereum Price Approaching Breakout Zone
After forming a strong support base above $310, Ethereum started a decent recovery. ETH price recovered above the $320 and $335 resistance levels to move into a short-term positive zone.
There was a break above the 50% Fib retracement level of the downward move from the $360 swing high to $323 swing low. More importantly, there was a break above a major bearish trend line with resistance near $351 on the hourly chart of ETH/USD.
Ether price is now consolidating above the broken trend line and $345. It seems like the price is stuck near the 76.4% Fib retracement level of the downward move from the $360 swing high to $323 swing low.
