ETH indicators suggest liftoff to $400 price level after the steady increase above the $355 resistance against the US dollar as we read more in our ethereum news.
ETH price tested the $380 resistance and it is currently correcting the gains. The price started a strong upward movement after it cleared the $355 resistance level against the US dollar. The price ran into the $380 resistance but it then settled nicely above the 100 simple moving average. With a break above the major bearish trend line resistance near the $354 on the 4-hour charts of the ETH/USD price data. The pair could correct higher but the downsides could be contained close to the $355 level.
After a short struggle, ETH managed to clear a couple of major hurdles close to the $350 level and the $355 against the US dollar. The ETH price settled above the $355 resistance and the 100 simple moving average to move into the positive zone which is similar to the movement of BTC above $11,000. There was also a break above the major bearish trend line with resistance close to the $354 on the 4-hour charts of the pair as ETH rallied over $20 and broke the $370 resistance. It faced a strong resistance close to the $380 level when a new monthly high was formed close to the $279 and the price is still correcting the gains. There was a break below the $375 and the $370 level with key support near the $368 level.
The 23.6% fib retracement level from the recent upward movement at $355 swing low to $379 high is near the $368 level. if there’s a downside break below the $368 support zone, the price of the asset could continue lower towards the $355 support. On the upsides, the $380 level is another breakout zone while a clear break above the resistance will clear the path for more gains to the $395 and $400 in the upcoming sessions.
If Ethereum fails to clear the $380 resistance zone, it could start a downside correction with initial support for the bull set at $368. The ETH indicators suggest liftoff with the main support forming near the $355 level and the 100 simple moving average. The 50% fib retracement level of the upward movement at $335 swing low to $379 swing high is near the $356 level to provide support. The MACD for the pair is slowly losing pace in the bullish zone while the RSI for the pair is above the 60 levels.
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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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