Ethereum, the second-largest digital asset, hit the new high at $415 on Sunday, August 2, and retreated to $379.70 by press time. The second-largest digital asset has gained nearly 3% since the beginning of the day, though it is still down 1% in the recent 24 hours.

On the intraday charts, ETH/USD is supported by the upward-looking middle line of the 1-hour Bollinger Band $375.50 closely followed 50-hour SMA at $373.50. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $350.00 reinforced by 1-hour SMA100. The intraday RSI is flat in the neutral position, which means the price may stay continue moving inside the range for some time before the growth is resumed. The short-term trend remains bullish as long as the price stays above $350.00.

On the daily charts, strong resistance is created by $400.00. This psychological barrier is supported by the upper line of the Bollinger Band. Once it is broken, the recent high of $415 will come into focus. A sustainable move above this area will take ETH/USD into uncharted territory.

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Ethereum Price Analysis: ETH/USD struggles to hold the gains, bears target at $350.00 - FXStreet