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.
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