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Key Highlights
- ETH price started a minor upside correction and traded above the $362 level against the US Dollar.
- There is a key contracting triangle forming with support near $356 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair has to stay above the $356 and $352 support levels to move past $368 and $370 resistances.
Ethereum price started a consolidation against the US Dollar and bitcoin. ETH/USD must break the $370 resistance to test the next hurdle at $379.
Ethereum Price Resistances
After trading as low as $347.72, ETH price started a minor upside move against the US Dollar. The ETH/USD pair moved a few points above the $355 level and also cleared the $362 resistance. There was also a break above the 23.6% Fib retracement level of the last key drop from the $410 high to $348 swing low. However, the upside move faced sellers near the $370-371 resistance zone.
The price moved down once again and is currently trading near the $360 level. On the downside, there is a decent support near the $355 level. More importantly, there is a key contracting triangle forming with support near $356 on the hourly chart of ETH/USD. As long as the price is above the channel support, it could make an attempt to move past the $368 and $370 resistance. Above $370-371, the price will most likely test the next hurdle near $379 and the 100 hourly simple moving average. It also represents the 50% Fib retracement level of the last key drop from the $410 high to $348 swing low.
Looking at the chart, ETH price is trading in a range between $352-370. It could make the next move either above $370 or below $352 in the near term. Below $352, the next major support is visible near the $342-343 zone.
Hourly MACD – The MACD is about to move back in the bearish zone.
Hourly RSI – The RSI is moving lower and is currently below 50.
Major Support Level – $352
Major Resistance Level – $370
