Ethereum price approaching a make-or-break support level, may be positioned to see significant near-term strength

Ethereum price is showing some signs of weakness as once again falling below $ 390. This level has become slight support for ETH. If ETH continues to trade below this level, it is highly likely that ETH’s technical strength will decrease. Even so, after a lot of analysis, it seems that traders are implicitly acknowledging that ETH is approaching temporary support levels.

Ethereum price approaches key support at & 380

At the time of writing, Ethereum is down just over 1% at its current price of $ 389. This is a fixed trading level throughout the day, as the bulls are trying to defend this level.

Cactus analyst believes that a “visit” to the level of platform support at $ 380 is imminent. And right now, ETH’s response to this level is an indication of its short-term outlook.

He said:

“ETH / USD: It is what it is… $380 is a key support to maintain.”

SmartContracter analyst recently gave a much more optimistic outlook on ETH. In it, he explained that he himself is also expecting ETH to recover to new yearly highs on the completion of the bullish Elliot Wave pattern.

He said:

“Potential abc complete on ETH 4h. Can see a nice backtest of triangle breakout and would not be surprised to see a new high from here while everyone is now bearish. Still hands down the strongest of the majors imo.”

ethereum-price-approaching-a-make-or-break-support-level

If ETH can complete this pattern and continue to hold above $ 380, it could be ready to see some severe bull run in the short term.

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