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Ethereum

Ethereum Price Analysis: ETH Trading Near Key Inflection Point

  • Ethereum price started a downside correction after it failed to clear the $400 barrier against the US Dollar.
  • ETH price is currently declining and it is trading below the $380 support level.
  • There was a break below a major bullish trend line with support near $380 on the 4-hours chart (data feed from Coinbase).
  • The pair is currently following a key declining channel and it is approaching the $365 support zone.

Ethereum price is currently correcting lower from the $400 barrier against the US Dollar. ETH/USD might revisit the $355 support zone before it starts a fresh increase.

Ethereum Price Analysis

In the past few days, Ethereum price made a couple of attempts to clear the $400 resistance area against the US Dollar. ETH price failed to continue higher and recently started a downside correction.

The price broke the key $380 support level and settled below the 55 simple moving average (4-hours). It gained bearish momentum below the 23.6% Fib retracement level of the upward move from the $326 swing low to $407 high.

Moreover, there was a break below a major bullish trend line with support near $380 on the 4-hours chart. The pair is now trading well below the $380 level and it is approaching a major support zone at $365.

The 50% Fib retracement level of the upward move from the $326 swing low to $407 high is also waiting near the $365 level to provide support. It seems like the price is currently following a key declining channel with support near the $365 level.

If there is a downside break below the channel support, the price could extend its decline towards the $355 support level. Any further losses may perhaps open the doors for a push towards the main $325 support level in the near term.

Conversely, the price could bounce back from the $365 support zone. On the upside, an initial resistance is near the $380 level. The main resistance is near $390 level, above which ether price might make another attempt to clear the $400 resistance.

Ethereum Price

Looking at the chart, Ethereum price is clearly approaching a major support zone near the $365 level. If it fails to stay above the $365 support, there is a risk of a sharp decline in the coming sessions.

Technical indicators

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

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

Key Support Levels – $365, followed by the $355 zone.

Key Resistance Levels – $380 and $400.

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