- The ETH price declined heavily and broke the $ 375 and $ 360 support against the US dollar.
- There is a short-term decline channel formed with resistance near the $ 362 level on the hourly chart of Eth / USD (data feed via Kraken).
- The pair could correct higher in the short term towards $ 370, $ 375 and $ 380.
The price of Ethereum remained in a bearish zone compared to the US dollar and bitcoin. The ETH / USD is currently correcting higher and could possibly test the $ 380 hurdle.
Ethereum price recovery
There have been further slides in the ETH price below the level support $ 375 against the US dollar. The ETH / USD pair even broke the support of $ 360 and reached the $ 350 level. A low was formed near the $ 347 level and the price is currently in a higher correction. It has moved above the $ 355 level, but there are a lot of resistance waiting on the upside to avoid gains.
The first hurdle is the 23.6% Fibra retracement level of the recent decline from $ 411 to $ 347 low near $ 362. It coincides with a short-term downtrend channel with current barrier near the $ 362 on the hourly chart of Eth / USD. A break above the resistance of the channel and $ 365 could open the door to further recoveries. The next big resistance is located near the $ 370-375 zone. Represents the Fib retracement level equal to 38.2% of the recent decline from the minimum of $ 411 to the minimum of $ 347. Above this, the price could perhaps test the resistance level of $ 380, which represents a major obstacle for further gains.
Looking at the chart, the ETH price is slowly recovering above $ 350, but it is likely that lots of it are above the $ 370 level. On the downside, the recent minimum of $ 347 is a decent support. Below this, ETH could accelerate downturns to the $ 320 level in the short term.
MACD timetable – The MACD is slowly moving into the bullish zone.
RSI timetable – The RSI is correcting higher from the oversold area to the 45-50 area.
Major Support Level – $ 347
Major Resistance Level – $ 375