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 corrected lower below the $380 level, but it found support near $365 against the US Dollar. ETH price is currently rising, but it must surpass the key $380 zone for a strong upward move.
- Ethereum is currently recovering from $365 and trading above the $372 level.
- The price is facing a strong resistance near the $380 zone and the 100 hourly simple moving average.
- There is a key declining channel forming with resistance near $380 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to climb higher towards $400 if it clears the $380 confluence resistance.
Ethereum Price Approaching Major Hurdle
In the past few sessions, Ethereum saw a steady decline from the $395 zone. ETH price broke the key $380 support level and settled below the 100 hourly simple moving average.
There was also a break below the $370 level, but ether price found support near the $365 level. A low is formed near $365 and the price is currently recovering higher. It broke the $370 level, plus the 23.6% Fib retracement level of the downward move from the $388 high to $365 low.
An immediate resistance is near the $375 level. The 50% Fib retracement level of the downward move from the $388 high to $365 low is also near the $376 level to act as a hurdle.
Ethereum price approaching $380. Source: TradingView.com
More importantly, there is a key declining channel forming with resistance near $380 on the hourly chart of ETH/USD. An intermediate resistance for Ethereum is near the $378 level and the 100 hourly SMA.
Ether is clearly facing a confluence resistance near the $378 and $380 levels. A successful break above the channel and $380 could open the doors for a strong increase in the near term. The next major resistance on the upside is near the $395 level, followed by $400.
Fresh Decline in ETH?
If Ethereum fails to surpass $375, $378, and the channel resistance, there is a risk of a fresh decline. An initial support is near the $370 level.
The next major support for the bulls is near the $365 level, below which the bears are likely to aim a test of the key $355 support zone in the coming sessions.
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 still below the 50 level.
Major Support Level – $380
Major Resistance Level – $365
