TA: Ethereum Looks Ready For Another Leg Higher Unless It Dives Below $365
Ethereum failed to clear the $388 resistance zone against the US Dollar. ETH price is currently holding the $365 support and it could resume its upward move.
Ethereum corrected lower below the $380 and $375 support levels.
The price is currently just above the 100 hourly simple moving average, and well above $365.
There was a break below a short-term rising channel with support near $378 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless it dives below the $370 and $365 support levels.
Ethereum Price Holding Gains
There was another attempt by Ethereum to surpass the $385 and $388 resistance levels, but it failed to gain momentum. ETH price traded as high as $388 and recently declined below the $380 support.
There was also a break below a short-term rising channel with support near $378 on the hourly chart of ETH/USD. Ether price spiked below the $375 level and the 100 hourly simple moving average. It traded as low as $373 and it is currently recovering higher.
There was a test of the 50% Fib retracement level of the recent decline from the $388 high to $373 low. It seems like the price is facing hurdles near the $380 level.
The next key resistance is near the $382 level since it is close to the 61.8% Fib retracement level of the recent decline from the $388 high to $373 low. A successful break above the $382 level might increase the chances of a break above the $388 resistance in the near term.