Ethereum rallied 10% starting a strong recovery wave above the $350 level but the bulls still have to break past the $370 resistance for a stronger upside movement. In our latest Ethereum price news, we are reading more about the analysis.
ETH is gaining traction above $340 and $350 resistance levels as the price is snow above the 100 hourly simple moving average but it is facing hey hurdles close to the $370 level. There was also another major bearish trend line with a resistance close to the $340 level on the hourly charts for the pair as it has to move past it for upside continuation in the near term.
After forming a strong support base above $330, ETH started a strong recovery and the price broke the $340 and the $350 resistance levels to go into the positive zone. Ethereum rallied 10% with a close above the $350 resistance level and the 100 hourly simple moving average. The upward movement gained pace and there was also a break above the major bearish trend line with the resistance close to the $340 level on the ETH/USD hourly charts.
The pair traded above the 50% fib retracement level from the downward movement of $401 high to $310 swing low. The ETH price is now testing major resistance levels close to the $370 level. The next key resistance is close to the $380 level and it is close to the 76.4% fib retracement level from the downward move at $401 high to $310 swing low. The close above the $370 and the $380 resistance levels could open the doors for another price increase.
The major resistance is close to the $395 and the $400 levels above which the price will increase steadily towards the $430 resistance zone. If ETH fails to clear this level, there could be a short-term downside correction with initial support close to the $360 level. The next major support is close to the $350 level and the 100 hourly simple moving average so if it manages to stay above this level, the price will resume the decline. The hourly MACD for the ETH/USD pair is gaining pace in the bullish zone. The RSI (relative strength index) for the ETH/USD pair is near the 70 levels while the major support level is set at $350.