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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