Ethereum Price Analysis: ETH Could Gain Momentum Above $390
Ethereum price is showing many positive signs above $355 against the US Dollar. It seems like ETH/USD is aiming a steady rise above the $390 and $400 resistance levels.
Ethereum Price Analysis
After forming a support base above $315, Ethereum price started a fresh recovery against the US Dollar. ETH price broke a couple of key hurdles near $350 and $355 to move into a positive zone.
There was a break above the 23.6% Fib retracement level of the downward move from the $489 high to $310 swing low. The price is now showing positive signs above $370 and the 55 simple moving average (4-hours).
It seems like there is a crucial rising channel forming with support near $363 on the 4-hours chart. On the upside, an initial resistance is near the $390 level. The first major resistance is near the channel resistance and the $400 pivot level.
The 50% Fib retracement level of the downward move from the $489 high to $310 swing low is also near the $400 level to act as a major hurdle for the bulls.
If there is a clear break above the $390 and $400 resistance levels, there are chances of a steady rise in the coming sessions. The next major resistance on the upside is near the $420 level. Conversely, the price might correct lower below the $370 level.
On the downside, the price is likely to find bids near the $360 level and the channel trend line since it is close to the 55 simple moving average (4-hours). A break below the channel support and the 55 simple moving average (4-hours) could lead the price towards the $340 level.
Looking at the chart, Ethereum price is clearly recovering higher and trading nicely above the $360 level. Overall, the price could accelerate further if it clears the $390 and $400 resistance levels.
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 now above the 50 level.
Key Support Levels – $360, followed by the $340 zone.
Key Resistance Levels – $390 and $400.
Source: Read Full Article