HomeAltcoin NewsEthereum Price Analysis: ETH Struggling Near Key Breakout Zone

Ethereum Price Analysis: ETH Struggling Near Key Breakout Zone

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  • Ethereum price started a fresh increase from the $380 support zone against the US Dollar.
  • ETH price managed to recover above the $395 and $400 resistance levels.
  • There was a break above a key connecting bearish trend line with resistance near $395 on the 4-hours chart (data feed from Coinbase).
  • The pair is currently facing a strong resistance near $410 and the 55 simple moving average (4-hours).

Ethereum price is slowly recovering higher from $380 against the US Dollar. However, ETH/USD must clear the main $410 barrier to move back into a positive zone.

Ethereum Price Analysis

After a major downside correction, Ethereum price found support near the $380 level against the US Dollar. ETH price formed a support base above $380 and recently started a fresh increase.

It gained pace and broke the $395 resistance level. There was also a break above the 23.6% Fib retracement level of the downward move from the $447 high to $379 swing low. Moreover, there was a break above a key connecting bearish trend line with resistance near $395 on the 4-hours chart.

The pair even climbed above the $400 resistance. However, it is currently facing a strong resistance near $410 and the 55 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $447 high to $379 swing low is also near the $413 level to act as a hurdle.

A successful break above the $410 resistance zone and a close above the 55 simple moving average (4-hours) is must for a sustained upward move. The next key hurdles for the bulls are near $420 and $425.

Conversely, the price could start a fresh decline below the $402 and $400 support levels. In the mentioned case, the price could easily test the $380 support level again. Any further losses may perhaps push the price back into a bearish zone towards $362.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly recovering higher and facing many hurdles near $410. Therefore, the price must gain pace above $410 and the 55 simple moving average (4-hours) to continue higher.

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 just above the 50 level.

Key Support Levels – $400, followed by the $380 zone.

Key Resistance Levels – $410 and $420.

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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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