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Home Cryptocurrency news Ethereum

Ethereum Rallies 10%, But The Bulls Still Need To Clear This Hurdle

Aayush Jindal by Aayush Jindal
6 months ago
in Ethereum, Technical analysis
Reading Time: 2min read
Ethereum
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Ethereum started a strong recovery wave above the $350 resistance against the US Dollar. ETH price is up over 10%, but it must still break the $370 resistance for upside continuation.

  • Ethereum gaining traction above the $340 and $350 resistance levels.
  • The price is now well above the 100 hourly simple moving average, but it is facing hurdles near $370.
  • There was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must surpass the $370 resistance for upside continuation in the near term.

Ethereum Price Rally Reaches Inflection Zone

After forming a support base above $330, Ethereum started a strong recovery wave. ETH price broke the $340 and $350 resistance levels to move into a positive zone.

There was a close above the $350 resistance and the 100 hourly simple moving average. The upward move gained pace after there was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH/USD.

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The pair traded above the 50% Fib retracement level of the downward move from the $401 high to $310 swing low. Ether price is now testing another major resistance near the $370 level (the last breakdown zone).

Ethereum

Ethereum price trades above $360. Source: TradingView.com

The next key resistance is near the $380 level. It is close to the 76.4% Fib retracement level of the downward move from the $401 high to $310 swing low. A successful close above the $370 and $380 resistance levels may perhaps open the doors for a decent increase.

The next major resistance is near the $395 and $400 levels, above which the price is likely to rise steadily towards the $430 resistance zone.

Downside Correction in ETH?

If Ethereum fails to clear the $370 resistance or the $380 technical hurdles, there could be a short-term downside correction. An initial support on the downside is near the $360 level.

The next major support is near the $350 level and the 100 hourly simple moving average. If ether fails to stay above the $350 support, the price is likely to resume its decline. In the stated case, the bears might aim a retest of the $330 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently near the 70 level.

Major Support Level – $350

Major Resistance Level – $370

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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