Critical Resistance For Ethereum (ETH): $ 370 Level
Ethereum (ETH) has surged over 10% in the past week and broke the $ 370 and $ 380 resistance levels, which were seen as key levels against the US Dollar. ETH saw a slight decline after that. The leading altcoin was trading at $ 357 at the time of writing. According to analyst Aayush Jindal, ETH price could continue to rise to $ 400 or $ 420 as long as it stays above $ 370.
ETH price was gaining momentum above the $ 360 resistance level against the US Dollar in the morning. However, ETH has declined in the last 1 hour. The price is currently trading above $ 350. A very important bullish channel is forming with support near $ 350 on the 4-hour chart of ETH / USD. As long as the channel support is solid, the pair is likely to rise to $ 400 or $ 420.
Ethereum Price Turns In The Positive Direction
Last week, Ethereum managed to recover above the $ 350 resistance to move into a positive zone against the US Dollar. ETH price gained a bullish momentum and crossed the $ 360 resistance level.
There seems to be a very important bullish channel formed with support near $ 350 on the 4-hour chart of ETH / USD. On the upside, the initial resistance is near the $ 395 channel resistance. The first major resistance for the bulls is near the $ 400 level. The 50% Fib retracement level of the downward move from the $ 490 high swing to $ 310 could act as a hurdle for the bulls. To move into a positive zone, ETH must rise above the $ 400 resistance.
The next major resistance is near the $ 420 level, with the bulls likely to target the $ 500 test in the coming days.
Downsides Supported in Ethereum (ETH)?
If Ethereum fails to clear the $ 400 resistance zone, it could begin a downside correction. Judging by the current price situation, the initial support is near the $ 350 level or the lower trendline of the channel is $ 350. The daily close below the $ 350 support could start another drop towards the $ 310 support zone.
4 hours MACD: The MACD for ETH / USD is gaining momentum in the bullish zone.
4-hour RSI: The RSI for ETH / USD is currently well above the 50 level.
Major Support Level – $ 350
Major Resistance Level: $ 400