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.

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.

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.

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

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

202 +