Ethereum tested the $370 resistance before correcting lower against the US Dollar. ETH price could start a larger decrease if it fails to stay above $350 and $348.
- Ethereum started a fresh decline after trading to a new weekly high near $370.
- The price is now trading below the $355 support and the 100 hourly simple moving average.
- There was a break below a major ascending channel with support near $355 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue lower if it breaks the $350 and $348 support levels.
Ethereum Price is Showing Bearish Signs
Ethereum extended its rise above the $365 resistance, but it failed to clear the $370 level. A new weekly high is formed near $370 and ETH price is currently correcting lower (similar to bitcoin).
There was a break below the $365 and $360 levels to start the current decrease. The bears were able to push ether price below the 50% Fib retracement level of the upward move from the $347 low to $369 high.
More importantly, there was a break below a major ascending channel with support near $355 on the hourly chart of ETH/USD. The pair is now trading below the $355 support and the 100 hourly simple moving average.
<img alt="Ethereum" class="alignnone size-full wp-image-439956" height="868"