Ethereum Price Faces Key Obstacles! Here are the Bear and the Bull Scenarios
Ethereum price struggled to continue rising against the US Dollar and dropped below $ 400. Ethereum price consolidates losses and must exceed $ 395 for a new rally, according to successful analyst Aayush Jindal.
- Ethereum price corrected below the $ 400 and $ 392 support levels against the US Dollar.
- The price is trading near the $ 385 zone and the 100 simple moving average (4-hours).
- There is a major bearish trend line showing resistance near $ 395 on the 4-hour chart of ETH / USD (data feed via Kraken).
- The pair is likely to rise if it clears the $ 392, $ 395 and $ 396 resistance levels.
Analyst: Ethereum price faces key hurdles!
Recently, Ethereum started a downside correction well above $ 400 against the US Dollar. ETH price even traded below the $ 392 support level and the 100 simple moving average (4-hours). After Bitcoin’s sudden surge towards $ 14,000, there was a downtrend around $ 373. Later, ETH price started an upward correction. There was a break above the $ 380 and $ 382 levels.
The price even climbed above the 23.6% Fib retracement level of the downside move from $ 410 to $ 373. However, the price seems to be facing strong resistance near the $ 392 level. ETH is near the 50% Fib retracement level of the downward move from $ 410 to $ 373. The next major resistance is near the $ 395 and $ 396 levels. There is also a major bearish trend line with resistance near $ 395 on the 4-hour chart of ETH / USD.
Here are the key levels Ethereum can see in the short term.
A successful break above the $ 392, $ 395 and $ 396 resistance levels is essential to launch a new rally in the near term. The next resistance is near the $ 400 level, according to the analyst. The bulls are likely to target a retest of the $ 420 resistance zone in the coming sessions, analyst said.
If Ethereum fails to clear the $ 392 and $ 395 resistance levels, it could begin a new downside correction. The first downside support is near the $ 382 level, according to the analyst. The main support is formed near the $ 373 low. More losses could steer the price towards the critical $ 365 support (multi-contact zone), according to the analyst.
Current outlook of Ethereum price with technical indicators
4-hour MACD: The MACD for ETH / USD is struggling to gain momentum in the bullish zone.
4 hours RSI: The RSI for ETH / USD is currently just below the 50 level.
Major Support Level: $ 382.
Major Resistance Level: $ 395.