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Big Reaction From ETH Bulls As Coin Breaks Key Technical Breakout

Stefan by Stefan
30/08/2020
in Ethereum News
Reading Time: 2 mins read
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A Big reaction from the ETH Bulls is imminent as the coin is seeing a key technical breakout being up by over 2% and breaking the main $400 resistance against the US dollar so let’s read more in the upcoming Ethereum price news.

The Ethereum price is back in the positive zone above the $400 and the $402 resistance level against the US dollar. There’s also strong support forming close to the $395 and the 100 simple moving average while there’s a break above the crucial bearish trend line with a resistance close to the $395 on the 4-hour chart of ETH/USD pair. The pair will continue higher once it clears the $408 resistance level in the near-term.

eth price
Ethereum price trades above $400. Source TradingView.com

After the strong downside correction, a big reaction from the ETH bulls is imminent as Ethereum found support close to the $370 level against the US dollar. The price made two attempts to drop below the $370 support but the bears didn’t manage to gain momentum. As a result, ETH started a strong increase in breaking the $385 resistance while opening the doors more gains above the $395 pivot and resistance level. The price climbed above the 50% Fib retracement level from the downward move of $411 high to $370 low.

There was a strong break above the crucial bearish trend line with a resistance of $395 on the 4-hour charts for the pair. The pair will likely trade above the $400 resistance level and the 100 simple moving average and the 76% fib retracement level from the downward movement of the $411 high to the $370 low. The ethereum price trades above $400.

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eth daily price
ETH Daily Price (Source: Coingecko)

The immediate resistance is close to the $408 level and the successful close above the level could open the doors for a bigger increase in the near term. The next major resistance for ether could be close to the $420 level or the 1.236 fib extension level from the downward movement of $411 high to the $370 low. Further gains could lead the price to the $450 resistance. If ETH fails to clear the $408 resistance zone, it could start the downside correction. The initial support is now close to the $395 level and the 100 simple moving average. The next major support is close to the $390 level below which the bears are likely to target the $370 support region in the near term.

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Tags: 'btc interest'big reactionEtheth bullseth priceEthereum Priceethereum price analysisfeaturedprice
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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