TA: Ethereum is Gaining Momentum, But $400 Presents A Significant Challenge | NewsBTC


Ethereum surged above the $370 resistance against the US Dollar. ETH price tested the $395 resistance and it is currently correcting lower towards the $380 support zone.

  • Ethereum gained bullish momentum above the $370, $375 and $380 resistance levels.
  • The price tested the $395 resistance and it settled nicely above the 100 hourly simple moving average.
  • There is a key connecting bullish trend line forming with support near $372 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is correcting lower, but the bulls are likely to protect $380 or $375.

Ethereum Price Turns Green

Yesterday, we discussed how Ethereum lacked momentum above $375, but dips likely to be limited. ETH price remained well supported above the $365 level and it started a fresh increase.

How To Get Free Crypto  

The bulls gained strength above the $370, $375 and $380 resistance levels. Ether traded close to the $400 resistance and formed a new monthly high at $395 (similar to bitcoin). It is currently correcting lower below $385, but it is still well above the 100 hourly simple moving average.

14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!

There was a break below the 23.6% Fib retracement level of the recent increase from the $265 swing low to $395 high. The first major support on the downside is near the $380 level.

Ethereum price settles above $380. Source: TradingView.com

The 50% Fib retracement level of the recent increase from the $265 swing low to $395 high is also near the $380 level to provide support. More importantly, there is a key connecting bullish trend line forming with support near $372 on the hourly chart of ETH/USD.

On the upside, the $388 level is a short-term resistance. The first major resistance is near the $395 level. The main hurdle for a larger breakout is near $400, above which the price may even aim a new yearly high.

Coinbase Banner  

Key Buy Zone in ETH?

Ethereum is likely to find a decent support near the $380 level. The next major support is near the $378 level, below which the price could test the trend line support.

The 100 hourly simple moving average is also near the trend line and $372. A downside break below the trend line support could push the price towards the main $365 support level.

Technical Indicators

Hourly MACD The MACD for ETH/USD is struggling to gain momentum in the bearish zone.

Hourly RSI The RSI for ETH/USD is currently holding the 50 level, with a positive angle.

Major Support Level – $372

Major Resistance Level – $395

Go to Source
Author: Aayush Jindal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.