Bitcoin
$ 18,147
Ethereum
$ 565.24
Litecoin
$ 79.62




Key Reasons Why Ethereum Might Not Stay Below $400 For Too Long

Key Reasons Why Ethereum Might Not Stay Below $400 For Too Long


Ethereum is holding a crucial support zone near the $380 level against the US Dollar. ETH price seems to be basing for the next move and it might surge above $400 in the near term.

  • Ethereum is currently consolidating above the $380 and $385 support levels.
  • The price is likely to face hurdles near $395, $400, and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $395 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a strong increase if it clears the $395 and $400 resistance levels.

Ethereum Price Approaching Next Break

Ethereum traded as low as $379 and recently started correcting losses against the US Dollar. ETH recovered above $385 and it seems like the price is forming a decent support base above $380.

There was a break above the $390 level, plus the 23.6% Fib retracement level of the downward move from the $20 swing high to $379 low. Moreover, ether price was able to climb above a key bearish trend line with resistance near $390 on the hourly chart.

The price is currently facing a strong resistance near the $395 level. There is also a key contracting triangle forming with resistance near $395 on the same chart of ETH/USD. The next key resistance is near the $400 level and the 100 hourly simple moving average.

Ethereum price trades above $390. Source: TradingView.com

The 50% Fib retracement level of the downward move from the $20 swing high to $379 low is also near $400. If ether surpasses the $395 and $400 resistance levels, it could start a steady rise.

A successful close above the $400 resistance level may perhaps lead the price towards the $420 resistance zone in the coming sessions.

Another Rejection for ETH?

If Ethereum fails to break the $395 and $400 resistance levels, it could decline again. An initial support is near the $390 level. The first major support could be near the triangle lower trend line at $388.

A downside break below the triangle support might push the price further lower towards $385. To move further into a bearish zone, the bears must push the price below the range support at $380.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving into the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently well above the 50 level.

Major Support Level – $385

Major Resistance Level – $400



Source link

Related Posts

Hot Posts

South African Google Searches for Bitcoin Spike Amid Economic Uncertainty
March 19, 2018By
Blogger ‘Bitfinex’ed’ Hires Legal Counsel to Fight Bitfinex Lawsuit
March 19, 2018By
EOS, Cardano and Tezos: Sleeping Giants Starting to Stir
March 19, 2018By


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin18,147 0.65 % 2.68 % 2.90 %
Ethereum565.24 0.01 % 4.26 % 2.99 %
XRP0.6021 1.88 % 2.68 % 30.74 %
Tether0.9984 0.13 % 0.12 % 0.07 %
Bitcoin Cash282.37 0.66 % 1.98 % 6.94 %
Litecoin79.62 0.36 % 8.76 % 8.37 %
Chainlink13.16 0.89 % 0.38 % 14.51 %
Cardano0.1634 0.90 % 0.54 % 23.13 %
Polkadot5.120 1.19 % 5.74 % 11.01 %
Binance Coin30.26 0.04 % 4.05 % 0.64 %