Cryptocurrencies: 6,001
Markets: 542
Marketcap: $ 400.81 B
24h Vol: $ 55.99 B
BTC Dominance: 62.47%

Global market data

Cryptocurrencies: 6,001
Markets: 542
Marketcap: $ 400.81 B
24h Vol: $ 55.99 B
BTC Dominance: 62.47%

[NewsBTC] Ethereum Struggling Below $375, But 100 SMA Can Trigger A Fresh Rally

NewsBTC

Ethereum started a steady decline from the $395 swing high against the US Dollar. ETH price is now trading just above the main $360 support and the 100 SMA (H4).

  • ETH price is showing a few bearish signs below $375 and $380 against the US Dollar.
  • The price is still holding the $365 support and the 100 simple moving average (4-hours).
  • There is a major declining channel forming with resistance near $372 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to rally above $375 as long as it is trading above the 100 SMA (H4).

Ethereum Price is Facing Hurdles

After forming a major top near the $395 level, Ethereum started a steady decline against the US Dollar. ETH price broke the $380 and $375 support levels to move into a short-term bearish zone.

Ether price tested the $360 level and it remained well bid above the 100 simple moving average (4-hours). A low is formed near $360 and the price is currently correcting higher. It is testing the $368 resistance level. The stated resistance is close to the 23.6% Fib retracement level of the key decline from the $395 high to $360 low.

Ethereum Price

More importantly, there is a major declining channel forming with resistance near $372 on the 4-hours chart of ETH/USD. Above the channel resistance, the bulls might face hurdles near the $375 level.

The next major resistance is near the $378 level or the 50% Fib retracement level of the key decline from the $395 high to $360 low. A clear break above the channel resistance and then a follow up move above the $378 level could open the doors for a fresh increase. The next stop for the bulls could be near the $395 and $400 resistance levels.

Downside Break in Ether (ETH)?

If Ethereum fails to clear the $372 and $375 resistance levels, it might continue to move down. The 100 simple moving average (4-hours) at $366 holds a lot of importance.

A proper close below the 100 SMA (H4), followed by a break below the $365 support zone could spark a sharp decline. The next major support on the downside is near the $355 level.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving back into the bullish zone.

4 hours RSI – The RSI for ETH/USD is now just below the 50 level.

Major Support Level – $365

Major Resistance Level – $375

Find the full article here

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Liquidary.com will use the information you provide on this form to be in touch with you and to provide updates and marketing. You can unsubscribe anytime.