Ethereum regains power and is now primed to rally above the $400 price level as it started a fresh recovery wave above $385 and the US Dollar. The price is now showing positive signs and it could rally above $400 and $402 in the near term so let’s find out more in today’s ethereum price news.
Ethereum is trading in a positive zone above the key $392 and $395 support levels. The price spiked above the $400 resistance and settled above the 100 hourly simple moving average. There’s also a key bullish trend line forming with support at $392 on the hourly charts of the pair that can also continue higher if ETH clears the $400 level.
After forming a support base close to the $385 level, ETH started a decent upward movement and the price even broke the $392 and the $392 resistance levels to move into the positive zone. The price spiked above the $400 resistance settled above the 100 hourly simple moving average and the new high was formed at $400 right before the price corrected lower. Ethereum declined below the $400 support level with a break below the $23.6% fib retracement. It is now trading above $395 support by creating even more positive signs. The next key support is close to the $395 level but it is also close to the 50% fib retracement level from the upward move at $385 low to $404 swing high.
There’s also one key bullish trend line forming with support near the $392 level on the hourly charts of the pair. on the upside, ETH is facing more hurdles close to the $400 and $402 level. A close above the $400 resistance and moving past the $402 level could clear the path for a stronger rally. The next stop for the bulls will be set at $415. As ethereum regains power, but still fails to clear the $402 resistance levels, there could be a downside correction with the initial support set at $395. The main support is forming close to the trendline of $392 with a clear break below the trend line support that could initiate a sharp decline towards $380. The hourly MACD for the pair is slowly losing momentum in the bullish zone and the RSI is well above 60.
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