- Ethereum price rallied to a new multi-month high at $418 before correcting lower against the US Dollar.
- ETH price is currently trading nicely above the $380 and $375 support levels.
- There is a key breakout pattern forming with resistance near $400 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to accelerate higher if it clears the $400 resistance in the near term.
Ethereum price is showing positive signs above the $375 pivot level against the US Dollar. ETH/USD is likely to climb back above $400 and $410 as long as it is above $355.
Ethereum Price Analysis
In the past few days, Ethereum price saw a strong upward move above the $300 resistance against the US Dollar. ETH price even surged above the $380 resistance and settled well above the 55 simple moving average (4-hours).
Finally, there was a break above the $400 barrier and the price traded to a new multi-week high at $418. Recently, there was a downside correction below the $400 level. The price even spiked sharply below the $330 level, but it recovered quickly above $350.
It is currently trading nicely above the $380 and $375 support levels. However, the price is facing hurdles near the $400 barrier. The recent high was formed near $403 and the price is currently testing the 23.6% Fib retracement level of the upward move from the $352 swing low to $403 high.
It seems like there is a key breakout pattern forming with resistance near $400 on the 4-hours chart. If the price breaks the triangle resistance, it is likely to accelerate higher above $405 and $410.
In the mentioned case, the price is likely to test the $425 level. A successful close above the $425 level may perhaps push the price towards $440. Conversely, the price could start a fresh downward move below the $380 and $375 support levels. The next major support is seen near the $360 and $355 levels.
Looking at the chart, Ethereum price is clearly trading in a positive zone above the $380 and $375 levels. Therefore, the price is likely to accelerate higher if it clears the $400 resistance in the near term.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently well above the 50 level.
Key Support Levels – $380, followed by the $355 zone.
Key Resistance Levels – $400 and $425.
