The value of the Ethereum, like the market in general, is under a lot of bear pressure. This has caused the Ethereum to drop to $ 370 after the decline of 2.53%.
- The ETH price was negotiated lower, but it was successful in sustaining a major aid at $ 362-364 against the US dollar. UU
- There is a short-term bearish trend line that is formed with resistance at $ 385 on the ETH / USD hourly chart.
- The pair has to move above the $ 385 level and the 100-hour simple moving average to get more profits.
The price of Ethereum is quoted above the key levels against the US dollar and Bitcoin. ETH / USD must exceed the SMA of 100 hours and $ 385 to raise more.
Ethereum price resistance
There were mainly negative movements in the ETH price below the level of $ 400 against the US dollar. The price was negotiated lower, but the best thing was the fact that it stayed above the support of $ 362-364. The recent minimum was formed at $ 364.32 before the price started a consolidation. It is currently trading above the $ 364 level, but there are many upside obstacles.
For the moment, the price is struggling to break the Fibonacci retracement level of 38.2% of the last decline, from the maximum of $ 418 to $ 365 minimum. However, the main obstacle is the $ 385 level and the 100-hour simple moving average. A break and a close above the 100 hours of SMA is needed for a push to $ 400. An intermediate resistance is around the 50% retracement level of the last decrease, from the high of $ 418 to $ 365 low. Once the price succeeds in breaking the resistance of $ 385 and $ 391, it could move above the $ 400 level.
On the downside, the price should stay above support levels of $ 362 and $ 364. If buyers do not protect losses greater than $ 362, there could be a decrease to $ 350. In the short term, there could be range movements with possibilities of a bullish break above the $ 385 level.
- MACD per hour: the MACD is slightly located in the bullish zone.
- RSI per hour: the RSI is just below level 50.
- Main support level: $ 362
- Highest resistance level – $ 385