HomeAltcoin NewsEthereum Price Analysis: ETH Eyes Recovery Above $360 & $370

Ethereum Price Analysis: ETH Eyes Recovery Above $360 & $370

-

  • Ethereum price declined sharply below $400 and found support near $310 against the US Dollar.
  • ETH price is likely forming a support base above $310 and it might start a decent recovery.
  • There is a key bearish trend line forming with resistance near $355 on the 4-hours chart (data feed from Coinbase).
  • The pair could recover towards the 55 simple moving average (4-hours) if it clears the $360 resistance.

Ethereum price is showing a few positive signs above $340 against the US Dollar. It seems like ETH/USD is aiming a larger recovery above the $360 resistance in the near term.

Ethereum Price Analysis

After forming a key top near the $490 level, Ethereum price started a fresh decline against the US Dollar. ETH price broke many key supports near $400 to move into a bearish zone.

The decline was such that the price settled below the $360 support and the 55 simple moving average (4-hours). It even broke the $330 support and traded as low as $310. Recently, the price started an upside correction after forming a support base above the $310 level.

There was a break above the $320 and $330 resistance levels. It is now testing the 23.6% Fib retracement level of the downward move from the $488 high to $310 swing low.

However, the price is facing a major resistance near the $355 and $360 levels (the recent breakdown zone). There is also a key bearish trend line forming with resistance near $355 on the 4-hours chart.

If there is an upside break above the trend line resistance, the price could revisit the $376 resistance. The next major resistance is near the $400 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the downward move from the $488 high to $310 swing low.

On the downside, the price is likely to find bids near the $340 level. The main support is now forming near the $310 level, below which there are chances of a bearish acceleration towards $250.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly recovering higher and trading nicely above the $340 level. Overall, the price could recover towards the 55 simple moving average (4-hours) if it clears the $360 resistance.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still below the 50 level.

Key Support Levels – $340, followed by the $310 zone.

Key Resistance Levels – $360 and $376.

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.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular