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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Ethereum
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TA: Ethereum Recovery Could Soon Fade If ETH Fails To Clear $385

Aayush Jindal by Aayush Jindal
3 years ago
in ETH
Reading Time: 2 mins read

Ethereum is slowly rising and trading well above $375 against the US Dollar. ETH price must clear the $385 resistance to continue higher in the near term.

  • Ethereum gained pace after it broke the $375 resistance level.
  • The price tested the $385 resistance and it is now trading the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $375 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh decline below $375 if it fails to clear the $385 resistance.

Ethereum Price is Facing an Uphill Task

Ethereum started a decent upward move after it reclaimed the $370 level. ETH price broke the $375 resistance and it settled well above the 100 hourly simple moving average.

The bulls gained strength, resulting in a push above the $380 level. However, ether price failed to clear the key $385 resistance. A high is formed near $385 and the price started a downside correction.

There was a break below the $380 level, and the 50% Fib retracement level of the recent increase from the $373 swing low to $385 high. The price is now holding the $378 support level (a multi-touch zone). The next major support on the downside is near the $375 level.

Ethereum Price

Source: ETHUSD on TradingView.com

There is also a key bullish trend line forming with support near $375 on the hourly chart of ETH/USD. The trend line support is close to the 76.4% Fib retracement level of the recent increase from the $373 swing low to $385 high.

On the upside, the bulls are facing a strong resistance near $385. A clear break above the $385 resistance could open the doors for a push towards the $400 resistance level in the coming sessions.

Downside Break in ETH?

If Ethereum fails to clear the $385 resistance levels, it might continue to move down. An immediate support is near the $378 zone.

The main support is near the trend line and $375. A clear break below the $375 support level and the 100 hourly simple moving average might start a fresh decline. In the stated case, the price could revisit the $365 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now just above the 50 level.

Major Support Level – $375

Major Resistance Level – $385

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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