32 C
Dubai
Monday, May 27, 2024
HomeAltcoin NewsEthereum Price Analysis: ETH Could Rally Again If It Clears $400

Ethereum Price Analysis: ETH Could Rally Again If It Clears $400

Date:

Related stories

  • 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.

Ethereum Price
Ethereum Price

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.

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.

Subscribe

Latest stories