ETH formed a low near to the $360 level and it also started to show an upside move against the US dollar. There was a huge break and this came above a major bearish trend line. The resistance was at around $370 on the 4 hour chart and this related to the ETH/USD conversion. The pair might even be moving higher towards the $440 level but this is only the case if it manages to stay above $370. The price for Ethereum is recovering against both the dollar and bitcoin as well. If it manages to gain pace and carry on rocketing above $415 then this will mean even greater things for the currency.
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This past week was very heavy as the price for ETH traded even lower. It went to the $350 level and this was against the dollar. The price started to trade at $360 and finally it started to show an upside move. This then gave the currency the momentum it needed to show gains way above the $370 level.
During the upside, there has been a huge bearish trend line and this had a resistance of $370. This was on the four hour chart and the pair also traded above the $382 line as well. The price may even move towards $400 and then to $410. It is said that the next major resistance is going to be at the 23.6% Fib retracement of the last drop which went from a $595 high right down to a $360 low. Above the $415 level, the 100 simple MA is $440 and this is to prevent gains.
It’s certainly interesting to see how things are changing with the ETH/USD trend and it could even show more signs of recovery, but only time will tell if this is the case. That being said, more and more investors are starting to trust in cryptocurrency and everything that it has to offer.