Ethereum nosedived from the $370 resistance zone against the US Dollar. ETH price is currently correcting losses from $345, but it is likely to face sellers near $355.
- Ethereum is down over 3% from the $372 high and it even broke the $355 support.
- The price is currently recovering from the $345 low, but it is well below the 100 hourly simple moving average.
- There was a break below a crucial bullish trend line with support near $356 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to face a strong resistance near the $355, $356 and $358 levels in the near term.
Ethereum Price is Facing Many Hurdles
Ethereum remained steady above the $355 resistance level and it even climbed above $365. However, ETH bulls failed to gain strength above the $370 level.
A high was formed near $372 and there was a sharp decline in ether price. There was a break below the $365 and $360 levels. The bears gained control and there was a break below a crucial bullish trend line with support near $356 on the hourly chart of ETH/USD.
The pair even spiked below the $350 support and settled below the 100 hourly simple moving average. A low is formed near the $345 level and ether is currently correcting higher. There was a break above the 23.6% Fib retracement level of the recent decline from the $372 swing high to $345 low.
<img alt="Ethereum Price" class="alignnone size-full wp-image-440319"