TA: Ethereum Looks Ready For Another Leg Higher Unless It Dives Below $365
Ethereum failed to clear the $ 388 resistance zone against the US Dollar. ETH price is currently holding the $ 365 support and it could resume its upward move.
- Ethereum corrected lower below the $ 380 and $ 375 support levels.
- The price is currently just above the 100 hourly simple moving average, and well above $ 365.
- There was a break below a short-term rising channel with support near $ 378 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase unless it dives below the $ 370 and $ 365 support levels.
Ethereum Price Holding Gains
There was another attempt by Ethereum to surpass the $ 385 and $ 388 resistance levels, but it failed to gain momentum. ETH price traded as high as $ 388 and recently declined below the $ 380 support.
There was also a break below a short-term rising channel with support near $ 378 on the hourly chart of ETH/USD. Ether price spiked below the $ 375 level and the 100 hourly simple moving average. It traded as low as $ 373 and it is currently recovering higher.
There was a test of the 50% Fib retracement level of the recent decline from the $ 388 high to $ 373 low. It seems like the price is facing hurdles near the $ 380 level.
Source: ETHUSD on TradingView.com
The next key resistance is near the $ 382 level since it is close to the 61.8% Fib retracement level of the recent decline from the $ 388 high to $ 373 low. A successful break above the $ 382 level might increase the chances of a break above the $ 388 resistance in the near term.
In the stated case, ether buyers are likely to aim a break above the $ 395 monthly high. An immediate hurdle above the $ 395 resistance is near $ 400.
Key Breakdown Support in ETH
Ethereum is holding a couple of important supports near the $ 373 and $ 372 levels. If there is a downside break below the $ 373 low, the price might even decline below $ 370.
The main breakdown support is near the $ 365 level, below which the price is likely to continue lower towards the $ 355 and $ 350 levels in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.
Hourly RSI – The RSI for ETH/USD is rising and approaching the 50 level.
Major Support Level – $ 373
Major Resistance Level – $ 388