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ETH Struggles Near $400 But The 100 SMA Could Spark A Bullish Break

09/20/2020

ETH struggles near to the $400 price level recovering still above the $380 and the $385 resistance levels against the US dollar. The price is having a hard time clearing the $400 resistance but it is holding the key 100 SMA as we can see in today’s EThereum price news.

The price traded to a new weekly high of $395 and it is above the 100 simple moving average and a key bullish trend line that is forming with a support of $374 on the 4-hour charts. The pair will likely continue higher above $400 as long as it is standing at the 100 SMA. Over the past week, Ethereum remained in a positive zone above the $360 resistance against the US dollar. The price of the second-biggest cryptocurrency managed to surpass the $380 resistance zone to go into a positive zone.

eth price
Ethereum price trades above $380. Source TradingView.com

Ethereum’s price traded to a new weekly high of $395 and it is now well above the 100 simple moving average. The price is correcting lower and is trading below the $385 level. There’s also a break below the 23.6% fib retracement level from the upward move of $353 to $395. As ETH struggles near the $400 level, the first major support is close to the $376 level and the 100 simple moving average. There’s also a key bullish trend line forming with the support close to the $374 on the 4-hour charts.

ETH 24hours
Ethereum’s ETH 24-Hour Price Chart (Source: Coingecko)

The trend line support is coinciding with the 50% fib retracement level of the upward move at the $353 low to $395 high. The price is facing hurdles as well close to the $395 and the $400 levels. The close above the $400 resistance zone is needed for another rally to $420 or even higher. If ethereum fails to clear this resistance level, it could move down even more. The initial support is getting close to the $375 zone or the 100 simple moving average. If there’s a downside break below the trend line support of the 100 SMA, there’s a risk of a larger drop towards the $355 and the $350 support level.

The 4-hours MACD for the pair is losing pace in the bullish zone while the RSI for the pair is above 50 levels. The next major support level is $375 and the major resistance level is $400.