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Key Highlights
- ETH price failed to move above the $370 resistance against the US Dollar and started a downside move.
- There is a key bullish trend line forming with support at $355 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price remains supported above $355 and the 100 hourly simple moving average for more gains.
Ethereum price is supported on the downside against the US Dollar and Bitcoin. ETH/USD must stay above $350 in order to make another upside move.
Ethereum Price Resistance
There was a significant struggle around $270 in ETH price against the US Dollar. The price failed to move above the stated $270 resistance on many occasions. Recently, it declined and traded below the $360 level. However, the downside move was protected by a key bullish trend line forming with support at $355 on the hourly chart of ETH/USD. The pair is holding the trend line support and is currently above the 23.6% Fib retracement level of the last drop from the $370.43 high to $356.28 low.
On the downside, the trend line support is important near $355. Below the mentioned $355, the next crucial support is near the 100 hourly simple moving average around $352. Only a close below $350 and the 100 hourly simple moving average would call for more declines in the short term. On the upside, the next resistance is around the 50% Fib retracement level of the last drop from the $370.43 high to $356.28 low at $363.
However, the most important resistance is near $370. A close above $370 is must if ETH has to remain in the bullish zone. Once there is a break and close above $370, the price could easily move towards the $380 and $390 levels.
Hourly MACD – The MACD is slightly in the bearish zone.
Hourly RSI – The RSI is currently just below the 50 level.
Major Support Level – $350
Major Resistance Level – $370
Charts courtesy – SimpleFX
