Analysis

Ethereum is Struggling Near $400, But 100 SMA Could Trigger Bullish Break

Ethereum recovered above the $ 380 and $ 385 resistance levels against the US Dollar. ETH price is struggling to clear the $ 400 resistance, but it is holding the key 100 SMA (H4).

  • ETH price is trading well above the $ 360 and $ 375 resistance levels against the US Dollar.
  • The price traded to a new weekly high at $ 395 and it is above the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $ 374 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above $ 400 as long as it is above the 100 SMA (H4).

Ethereum Price Holding Uptrend Support

This past week, Ethereum remained in a positive zone above the $ 360 resistance against the US Dollar. ETH price even managed to surpass the $ 380 resistance zone to move further into a positive zone.

Ether price traded to a new weekly high at $ 395 and it is now well above the 100 simple moving average (4-hours). The price is currently correcting lower and trading below the $ 385 level. There was a break below the 23.6% Fib retracement level of the upward move from the $ 353 low to $ 395 high.

On the downside, the first major support is near the $ 376 level and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $ 374 on the 4-hours chart of ETH/USD.

Ethereum

Ethereum price trades above $ 380. Source: TradingView.com

The trend line support coincides with the 50% Fib retracement level of the upward move from the $ 353 low to $ 395 high. On the upside, the price is facing hurdles near the $ 395 and $ 400 levels. A successful close above the $ 400 resistance zone is needed for a fresh rally towards the $ 420 level or $ 425.

Downsides Supported in Ether (ETH)?

If Ethereum fails to clear the $ 400 resistance zone, it might continue to move down. An initial support is near the $ 375 zone or the 100 simple moving average (4-hours).

If there is a downside break below the trend line support and the 100 SMA, there is a risk of a larger decline towards the $ 355 and $ 350 support levels in the near term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is losing pace in the bullish zone.

4 hours RSI – The RSI for ETH/USD is still above the 50 level.

Major Support Level – $ 375

Major Resistance Level – $ 400

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