Ethereum declined recently, but it stayed above the key $355 support against the US Dollar. ETH price is likely to accelerate higher as it seems like a double bottom pattern is forming near $355.
- Ethereum declined below the $370 support, but it stayed above the $355 support.
- The price holding the main $355 support, but it is below the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $370 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $355 support level to start a fresh rally in the near term.
Ethereum Price Likely Forming A Key Bottom
In the past three sessions, Ethereum faced an increase in selling pressure below $375. ETH price broke the $370 support zone and it even settled below the 100 hourly simple moving average.
However, the bulls were able to protect the key $355 and $350 support levels. A low is formed near $355 and the price is currently consolidating losses. It seems like there is a double bottom pattern forming with support near $350.
On the upside, an initial resistance is near the $362 level or the 23.6% Fib retracement level of the recent decline from the $384 high to $355 low. The main hurdle for ether price is near the $370 level.
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