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).
- ETH price started a decent recovery wave from the $310-$315 support zone against the US Dollar.
- The price is now trading above the $350 resistance and near the 100 simple moving average (4-hours).
- There is a key rising channel forming with support near $352 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher if it settles above $362 and the 100 SMA (H4).
Ethereum Price Gaining Bullish Momentum
This past week, Ethereum remained stable above the $300 support zone against the US Dollar. ETH price traded as low as $313 and recently started a steady recovery wave above the $330 resistance.
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.
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 $350 resistance and the near 100 simple moving average (4-hours). However, it is facing a strong resistance near the $362 level.
<img alt="Ethereum" class="alignnone size-full wp-image-439789" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cointelegraph.com.au/wp-content/uploads/2020/10/Ethereum-22-94.png" data-srcset="https://www.cointelegraph.com.au/wp-content/uploads/2020/10/Ethereum-22-94.png 1828w, https://www.newsbtc.com/wp-content/uploads/2020/09/Ethereum-22-460×218.png 460w, https://www.newsbtc.com/wp-content/uploads/2020/09/Ethereum-22-860×408.png 860w, https://www.newsbtc.com/wp-content/uploads/2020/09/Ethereum-22-768×365.png 768w,