Ethereum increasing momentum catapulted the pair ETH/USD upwards, but now it is taking a turn and correcting towards supportive level of $308.

Major Points

The increase reached levels of being trader at around $344.46 against the USD.

A supportive zone $308 will be holding ground for the connecting bullish trend line on the hourly chart of ETH/USD.

Descending low as $310 or $308 will be causing buyers to make pressure on the market for booking profit later.

Ethereum Price Finding Support

The Gaining momentum that took place yesterday did continue for an increase of around $40, making it possible to trade at $344.46 against the USD. Major resistance points were taken down at around $304 and $308 levels. After upward rocketing to that particular high ($344.46) a correcting slide has taken turn. now it has moved 38.2% Fib retracement level since the last flow from $280.54 to $344.46 high.

That should not take down the positive mood because important supporting zones are waiting for the chart to dip at – around $310 – $308. The same mark was a resistance in the previous upward flow and now it is keeping stable ground to not let the price go lower than $300. The starting support is close to the 50% Fib retracement mark of the last flow $280.45 low to $344.46 high at $312.45. As mentioned in the highlights of this writing there is a bullish trend line taking form at the $308 supporting zone in the hourly chart of the ETH/USD pair. As it seems that supporting line will not let down.

Source: SimpleFX

It also represents in on form the 61.8% Fib retracement level of the last wave from the $280.45 low to $344.46 high. So, if the price continues to move down, the $308-304 support might prevent declines. Buying dips in the short-term towards $304 might be considered.

Hourly MACD – The MACD is reducing its bullish zone.

The MACD is reducing its bullish zone. Hourly RSI – The RSI has moved down sharply and currently near the 50 level.

The RSI has moved down sharply and currently near the 50 level. Support Level – $308

– $308 Resistance Level – $330

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