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Key Points
- The ETH price started a slight upward correction and surpassed the $ 362 level against the US dollar.
- C & # 39; is a key contractual triangle with support close to $ 356 on the hourly chart of the Eth / USD (data feed via Kraken).
- The pair must stay above $ 356 and $ 352 support levels to exceed $ 368 and $ 370 resistance.
The price of Ethereum began a consolidation against the US dollar and bitcoin. The ETH / USD must break the resistance of $ 370 to test the next obstacle to $ 379.
Ethereum Price Resistances
After trading at $ 347.72, the ETH price has begun a slight upward move against the US dollar. The ETH / USD pair moved some points above the $ 355 level and even reset the $ 362 resistance. There was also a break above the 23.6% fiber retracement level of the The last key drop from the low of $ 410 to the low of $ 348. However, the upward move faced sellers near the resistance zone $ 370-371.
The price fell once again and is currently trading near the $ 360 level. On the downside, there's a decent support near the $ 355 level. More importantly, it's a triangle key contract that is formed with support close to $ 356 on the hourly chart of Eth / USD. As long as the price is higher than channel support, it might try to overcome the resistance from $ 368 and $ 370. Above $ 370-371, the price will most likely test the next obstacle near $ 379 and the simple moving average at 100 hours. It also represents the 50% fiber retracement level of the last key drop from the minimum of $ 410 to the minimum of $ 348.
Looking at the chart, the ETH price is traded in a range between $ 352-370. He could make the next move over $ 370 or under $ 352 in the short term. Below $ 352, the next major support is visible near the $ 342-343 zone.
MACD timetable – The MACD is about to return to the bearish zone.
RSI timetable – The RSI is moving lower and is currently under 50.
Main support level – $ 352
Main resistance level – $ 370
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