Ethereum price is facing many hurdles such as heavy resistance near the $360 and $365
Ethereum price is struggling to clear the $360 and $365 resistance levels against the US Dollar. ETH price is showing bearish signs, and it could dive below $350 and $345. It is still facing a massive resistance near the $360 and $365 level. The price is currently stuck near the $355 support and the 100 hourly simple moving average.
There is a new connecting bullish trend line forming with support near $352 on the hourly chart of ETH/USD. The pair is likely to continue lower if it breaks the $352 and $350 support levels.
Ethereum price is facing many hurdles
Ethereum remained stable above the $350 support level, but it is still facing a massive resistance near the $360 and $365 level. ETH started an upward move from the $350 low and climbed above the 100 hourly simple moving average.
There was a break above the 23.6% Fib retracement level of the downward move from the $369 high to $350 low. However, the $360 resistance and the broken bullish trend line seems to be acting as a strong resistance for the bulls.
The 50% Fib retracement level of the downward move from the $369 high to $350 low is also acting as a resistance. Ether price is currently declining and trading near the $355 support level.
Ethereum price trades below $360 | Source: TradingView
It seems like there is a new connecting bullish trend line forming with support near $352 on the hourly chart of ETH/USD. If ether continues to move down and breaks the trend line support at $352, there is a risk of a bearish break. The next significant support is near the $350 and $348 levels, below which the bears are likely to aim a more considerable decline towards the $335 support level in the near term.
If Ethereum manages to stay above the $352 and $350 support levels, there are chances of an upside break. An initial resistance is near the $360 level. The first key resistance could be near the $362 level, above which the bulls might aim a clear break above the $365 resistance level. The next significant resistance is near the $375 zone.
Ethereum 2.0 developers will run yet another testnet “Zinken” in the coming days
Ethereum 2.0 developers will run yet another testnet “Zinken” in the coming days as the Spadina testnet didn’t go smoothly enough.
Danny Ryan, a core Ethereum developer, said Spadina suffered long waits to block finality and low participation from Ethereum 2.0 clients, or parties that run nodes to validate transactions.
“Even though we expect moderately low participation on a short-lived non-incentivized testnet, small errors in the client release process greatly exacerbated this problem, resulting in ~1/3 participation in the first few epochs. In response to these issues, we’ll be hosting -at least- one more dress rehearsal – Zinken – prior to genesis.”
Prysmatic Labs, one of the Ethereum 2.0 clients, said the issues with the Spadina testnet gave a bad look for this genesis rehearsal. However, it wasn’t a critical bug or a consensus error, but rather something due to configuration parameters which can be fixed with a release.
The Zinken testnet is expected to run in a week and a half.
You can see the ETH price here.
- Ethereum Price Is Struggling To Recover Above The $345, Likely To Continue Lower Below $330 Unless It Recovers Above $355
- Ethereum Price Could Start A Larger Decrease If It Fails To Stay Above $350 And $348