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HomeAltcoin NewsEthereum Price Analysis: ETH Approaching Key Support at $365

Ethereum Price Analysis: ETH Approaching Key Support at $365

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  • Ethereum price started a fresh decline from well above $392 against the US Dollar.
  • ETH price is currently trading below the $385 support and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $397 on the 4-hours chart (data feed from Coinbase).
  • The pair is testing the $372 support and there is also a major support at $365.

Ethereum price is declining and trading below $390 against the US Dollar. ETH/USD must stay above the $365 support to start a fresh increase in the near term.

Ethereum Price Analysis

In the past few days, there was a steady decline in Ethereum price from well above the $400 level against the US Dollar. ETH price broke the $392 support level and settled below the 55 simple moving average (4-hours).

It even tested the $372 support level before starting an upside correction. There was a break above the $392 resistance, but the price struggled to clear the $400 resistance. There is also a major bearish trend line forming with resistance near $397 on the 4-hours chart

A high was formed near $404 and the price started a fresh decline. Ether is now trading below the $385 support and the 55 simple moving average (4-hours). It broke the 76.4% Fib retracement level of the upward move from the $373 swing low to $404 swing high.

An initial support on the downside is near the $372 level. The next major support is seen near the $365 and $362 levels. The 1.236 Fib extension level of the upward move from the $373 swing low to $404 swing high is also near the $365 level.

Any further losses could open the doors for a larger decline towards the $355 and $350 support levels in the near term. Conversely, the price might bounce back from $372 or $365.

On the upside, an initial resistance is near the $388 level. The first key resistance is forming near the $392 level and the 55 simple moving average (4-hours). A proper break above the $392 level and then a follow up move above the trend line is need for a fresh increase.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly h testing the $372 support and there is also a major support at $365. Overall, ether must stay above $365 and then clear the $392 resistance for a fresh increase.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently below the 40 level.

Key Support Levels – $372, followed by the $365 zone.

Key Resistance Levels – $388 and $392.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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