Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum recovered nicely above the $380 and $390 levels against the US Dollar. ETH price must surpass the $400 barrier for another leg higher in the near term.
- Ethereum is up over 5% and it broke the key $380 and $390 resistance levels.
- The price traded close to the $398 level and it settled above the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $390 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct a few points, but the previous resistance near $388 might provide support.
Ethereum Price Rallies Over 5%
After diving towards the $365 support zone, Ethereum found a strong buying interest against the US Dollar. A swing low was formed near $364 before the price started a fresh increase.
There was a break above the $375 and $380 resistance levels. There was also a break above a major bearish trend line with resistance near $390 on the hourly chart of ETH/USD. The pair climbed above the $390 resistance and settled well above the 100 hourly simple moving average.
A new intraday high is formed near $398 and the price is currently correcting lower. There was a slight decline below the $395 level. The price is now trading near the broken trend line and the $392 zone.
Ethereum price trades above $390. Source: TradingView.com
The 23.6% Fib retracement level of the recent upward move from the $364 swing low to $398 high is also near $390 level. The first major support is near the $388 level and the 100 hourly simple moving average.
If ether price stays above the $388 and $390 support levels, it could make another attempt to clear the $398 resistance. The main hurdle is still near the $400 level, above which the price is likely to rise towards the $412 and $420 levels in the coming sessions.
Dips Likely To Be Supported in ETH
Ethereum is likely to find a decent buying interest near the $390 and $388 levels. The main support is now forming near the $380 level.
The 50% Fib retracement level of the recent upward move from the $364 swing low to $398 high is also near the $380 level to provide a strong support in the short-term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $380
Major Resistance Level – $398
