HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

TA: Ethereum Could Resume Its Rally Above $385, Key Supports Nearby

Altcoins 2020/10/14 07:48 by Aayush Jindal

Ethereum corrected lower after testing the $395 resistance against the US Dollar. ETH price is currently following the 100 hourly SMA, and it could resume its rally above $385.

  • Ethereum is following a nice bullish trend above the $375 and $380 levels.
  • The price is trading above the 100 hourly simple moving average, but it facing hurdles near $385.
  • There is a major bullish trend line forming with support near $377 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rally if it clears the $385 resistance level, else it could decline sharply below $375.

Ethereum Price Holding Gains

There was an upside extension in Ethereum above the $385 resistance. ETH price even broke the $390 level and settled well above the 100 hourly simple moving average.

It tested the $395 resistance and started a downside correction. There was a break below the $385 support level, but the bulls were able to defend the $375 support level. A low is formed near $374 and ether price is currently rising.

It seems like there is a major bullish trend line forming with support near $377 on the hourly chart of ETH/USD. There was a break above the $380 level, plus the 23.6% Fib retracement level of the recent decline from the $395 high to $374 low.

Ethereum Price

Source: ETHUSD on TradingView.com

However, the price is facing a strong resistance near the $385 level. The 50% Fib retracement level of the recent decline from the $395 high to $374 low is also near the $385 level. A successful break above the $385 resistance level could increase the chances of more gains above the $388 and $390 levels.

The next major resistance is near the $395 level, above which the bulls are likely to aim a larger upward move above the $400 level.

Dips Supported in ETH?

Ethereum is clearly following a nice uptrend above the 100 hourly simple moving average and the $375 support. If there is a downside break below the trend line support and $375, the price could extend its correction.

The next major support is near the $365 level, where the bulls are likely to take a strong stand in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is struggling to gain momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently close to the 50 level, with a flat bias.

Major Support Level – $375

Major Resistance Level – $385

0 Like(s)



You should also read...

Altcoins 20/04/20 06:38 by Aayush Jindal
Ethereum Hesitates But Further Gains Seem Likely Towards $200
Ethereum is trading nicely above the $175 support area against the US Dollar. ETH price is showing a lot of positive signs and it could continue to rise towards $188 and $195. Ethereum corrected lowe...
Read More
Altcoins 22/04/20 06:38 by Aayush Jindal
Here’s Why Ethereum Must Break 100 SMA For A Fresh Rally
Ethereum is down more than 10% from the $190 swing high against the US Dollar. ETH price is currently consolidating above $165 and facing key hurdles near the 100 hourly SMA. Ethereum declined sharpl...
Read More
Altcoins 19/05/20 10:58 by Aayush Jindal
This Scenario Could Trigger A New Ethereum Rally: Key Levels To Watch
Ethereum is currently trading above the $205 and $208 support levels against the US Dollar. ETH price could start a strong increase if it clears the $215 and $216 resistance levels. Ethereum is showi...
Read More
Altcoins 12/10/20 07:48 by Aayush Jindal
TA: Ethereum Lacks Momentum Above $375, But Dips Likely To Be Limited
Ethereum staged a strong increase and climbed above the $370 resistance against the US Dollar. ETH price is currently consolidating gains and it could correct lower. Ethereum started a decent increas...
Read More
Altcoins 16/10/20 07:48 by Aayush Jindal
TA: Ethereum At Risk of A Sharp Decline If It Breaks $365 Support
Ethereum faced a strong rejection above $380 against the US Dollar. ETH price is now at a risk of a sharp decline if it breaks the key $365 support in the near term. Ethereum struggled to gain moment...
Read More