Ethereum price tested the $ 370 resistance before correcting lower against the US dollar. The ETH price could start to drop stronger if it fails to sustain above $ 350 and $ 348.
Ethereum price started a fresh fall after trading to a new weekly high of nearly $ 370
ETH price is currently trading around the $ 355 support and the 100 hourly simple moving average. There has been a break below a major ascending channel with support near $ 355 on the hourly chart of ETH/USD.
The ETH/USD pair is likely to continue lower if it breaks the $ 350 and $ 348 support levels.
Ethereum extended its rally above the $ 365 resistance, but it failed to get past $ 370. New weekly highs formed near $ 370, and the ETH price is currently correcting lower (similar to Bitcoin).
There have been a break below $ 365 and $ 360 levels to initiate the current decline. The bears could push ether’s price below the 50% Fib retracement level of the move up from the $ 347 low to $ 369 high.
More importantly, there has been a break below a major ascending channel with support near $ 355 on the hourly chart of ETH/USD. The pair is currently trading below the $ 355 support and 100 hourly simple moving average.
Ethereum price drops below $ 355 | Source: TradingView
Immediate support is close to $ 352. It is close to the 76.4% Fib retracement level of the rally from the $ 347 low to the $ 369 high. The first significant support is near $ 350 and $ 348. If Ether fails to sustain above the $ 348 support, there is a risk of a correction to a greater extent.
The next significant support is close to $ 342, below a level where the downtrend can be geared towards testing the $ 333 support. It represents a 1.618 Fib extension of the move up from the $ 347 low to the $ 369 high.
If Ethereum tries to sustain above the support levels of $ 352 and $ 350, it might attempt a fresh move up. The initial resistance level for the bulls can be close to $ 355.
The first significant resistance level could be $ 362, above which the bulls are likely to target a new weekly high above $ 369. The next significant resistance level is $ 375, followed by $ 388.
You can see the ETH price here.
Read more:
- Two Ponzi Schemes On Ethereum, Forsage And Contribute, Are Hogging Up 13% Of The Network’s Total Gas
- Ethereum Price Is Struggling To Recover Above The $345, Likely To Continue Lower Below $330 Unless It Recovers Above $355