Ethereum dived from the $417 swing high and traded below $350 against the US Dollar. ETH price is currently recovering above $375 and it is likely to climb back above $400.<\/p>\n
After a strong rally above $350 and $400, Ethereum faced a significant bearish move against the US Dollar. A high was formed near $417 before the price tumbled (similar to bitcoin and ripple) below $400 and $350.<\/p>\n
The price even spiked below the $330 support level and the 100 hourly simple moving average. However, it found a strong buying interest near $305 and $300. Ether recovered sharply above the $330 and $350 levels.<\/p>\n
There was a break above the $365 and $370 levels. The price is now trading near the $385 resistance zone. It is close to the 50% Fib retracement level of the recent decline from the $416 swing high to $353 swing low. It seems like there is a key contracting triangle forming with resistance near $385 on the hourly chart of ETH\/USD.<\/p>\n<\/p>\n
If ether price breaks the triangle resistance, it could test the $390 resistance. The 61.8% Fib retracement level of the recent decline from the $416 swing high to $353 swing low is also near the $392 level.<\/p>\n
A successful break above the triangle resistance and $392 could open the doors for a fresh increase above the $400 level. In the mentioned case, the price is likely to rise towards the $415 and $420 levels in the coming sessions.<\/p>\n
The triangle support is near the $378 level. If there is a bearish break below the triangle support, Ethereum could test the $365 support.<\/p>\n
The next major support is near the $360 level and the 100 hourly SMA, where the bulls are likely to take a strong stand. Any further losses could lead the price towards the $300 handle.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD The MACD for ETH\/USD is slowly moving in the bullish zone.<\/p>\n
Hourly RSI The RSI for ETH\/USD is now back above the 50 level.<\/p>\n
Major Support Level $365<\/p>\n
Major Resistance Level $392<\/p>\n
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This Simple Breakout Pattern Could Resend Ethereum Price Above $400 | NewsBTC - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum dived from the $417 swing high and traded below $350 against the US Dollar. ETH price is currently recovering above $375 and it is likely to climb back above $400 Continue reading