The Ethereum price reports an increase of 2.26% allowing the price to be positioned above the $ 390 dollars soon to reach $ 400.
- The ETH price is currently consolidating losses with a slight bullish angle above $ 375 against the US dollar.
- There is an important downtrend line that is formed with resistance to $ 392 on the ETH / USD hourly chart.
- The pair has to move above the resistance of $ 395 and the simple moving average of 100 hours to get bullish momentum.
The price of Ethereum is consolidating the losses against the US dollar and Bitcoin. ETH / USD must drill the 100-hour SMA to remain in a positive zone.
Analyzing the price of Ethereum
There was a decent support formed above the level of $ 350 in the ETH price against the US dollar. The price started an upward correction and was traded above the $ 375 level. It also managed to pass the Fibonacci retracement level of 23.6% from the last fall from the minimum of $ 465 to $ 360 minimum. However, the bullish wave currently faces a big barrier near the $ 392-395 levels.
It seems that the 100-hour simple moving average acts as a key resistance close to $ 395. In addition, a bearish trend line with resistance is forming at $ 392 on the ETH / USD hourly chart. Above the resistance of the trend line, the retracement level of 38.2% of the last fall from the minimum of $ 405 to $ 360 minimum is close to the level of $ 400. A break and close above the resistance of the Trend line, $ 395 and the 100-hour SMA can open the doors for more profits. The next resistance could be the Fibonacci retracement level of 61.8% of the last fall, from the minimum of $ 405 to $ 360 minimum to $ 425.
If the price does not exceed the resistance of $ 395 and the SMA of 100 hours, there could be a negative reaction. In this case, the price could even break the $ 360.40 minimum for further declines in the short term.
- MACD per hour: the MACD could fall back in the bullish zone.
- RSI per hour: the RSI is currently well above level 50.
- Main support level: $ 360
- Highest resistance level – $ 395