Ethereum is up over 2% and it broke the main $400 resistance against the US Dollar. ETH price is likely to accelerate higher once it clears the $408 resistance zone.<\/p>\n
After a strong downside correction, Ethereum found support near the $370 level against the US Dollar. ETH price made two attempts to decline below the $370 support, but the bears failed to gain momentum.<\/p>\n
As a result, ether started a strong increase and broke the $385 resistance. It opened the doors for more gains above the $395 pivot and resistance level. The price climbed above the 50% Fib retracement level of the downward move from the $411 high to $370 low.<\/p>\n
More importantly, there was a break above a crucial bearish trend line with resistance near $395 on the 4-hours chart of ETH\/USD. The pair is now trading nicely above the $400 resistance level, the 100 simple moving average (4-hours), and the 76.4% Fib retracement level of the downward move from the $411 high to $370 low.<\/p>\n<\/p>\n
An immediate resistance is near the $408 level (the last key breakdown zone). A successful close above the $408 level may perhaps open the doors for a larger increase in the near term.<\/p>\n
The next major resistance for ether could be near the $420 level or the 1.236 Fib extension level of the downward move from the $411 high to $370 low. Any further gains could lead the price towards the $450 resistance.<\/p>\n
If Ethereum fails to clear the $408 resistance zone, it might start a downside correction. An initial support is near the $395 level and the 100 simple moving average (4-hours).<\/p>\n
The next major support is near the $390 level, below which the bears are likely to target a retest of the $370 support region in the near term.<\/p>\n
Technical Indicators<\/p>\n
4 hours MACD The MACD for ETH\/USD is slowly moving in the bullish zone.<\/p>\n
4 hours RSI The RSI for ETH\/USD is now well above the 50 level.<\/p>\n
Major Support Level $395<\/p>\n
Major Resistance Level $408<\/p>\n
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Ethereum Just Saw A Key Technical Breakout: Big Reaction From Bulls Imminent - NewsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum is up over 2% and it broke the main $400 resistance against the US Dollar. ETH price is likely to accelerate higher once it clears the $408 resistance zone. After a strong downside correction, Ethereum found support near the $370 level against the US Dollar Continue reading