Ethereum price is struggling to recover above the $345, likely to continue lower below $330 unless it recovers above $355
Yesterday, the Ethereum price plummeted below the support of $ 355. ETH has even broken out of $ 340 and below the 100 hourly simple moving average. At press time, Ethereum corrected a few points higher, but it failed to climb above the $ 350.
Ethereum price corrected a few points higher, but it failed to climb above the $ 350
traded to a new weekly low at $331 and recently started an upside correction. There was a recovery wave above the $340 level. Ether price even climbed above the 23.6% Fib retracement level of the downward move from the $375 high to $331 low.
Ethereum price struggling below $350 | Source: TradingView
However, the price struggled to continue above the $350 resistance. It remained well below the $355 resistance, and the 50% Fib retracement level of the downward move from the $375 high to $331 low.
There was a fresh bearish reaction and there was a break below a key contracting triangle with support near $340 on the hourly chart of ETH/USD. The pair is currently trading just below $340 and facing an increase in selling pressure.
If the price continues to move down, there is a risk of more losses below the $331 low and $330. The next major support is near the $320 level, below which the price may even retest the $310 support.
If Ethereum starts a fresh recovery wave, it could face hurdles near the $350 level. The first major resistance is near the $355 level (the last key breakdown zone).
A successful close above the $355 resistance might push ether further higher. In the stated case, there are chances of a decent recovery above the $365 and $370 levels in the coming sessions.
You can see the ETH price here.
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