Ethereum is trading near a major resistance zone at $355 against the US Dollar. ETH price is likely to accelerate higher once there is a proper close above $355.
- Ethereum is attempting a major upside break above the key $355 resistance zone.
- The price must stay above the 100 hourly simple moving average and $350 for a possible bullish break.
- There is a key contracting triangle forming with resistance near $355 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could also decline heavily below $350 if it continues to struggle near $355.
Ethereum Price is Testing Crucial Resistance
Ethereum started a fresh recovery wave from the $335 support level. ETH price settled above the $340 pivot level and it even climbed above the 100 hourly simple moving average.
The bulls were able to clear the $350 resistance, but they are facing an uphill task near the $355 level. Ether price has already made more than two attempts to clear the $355 resistance, but it failed to gain bullish momentum.
The price is currently stuck near the $355 level. The recent high was formed near $355 before there was a minor downside correction. The price spiked below the 23.6% Fib retracement level of the upward move from the $345 swing low to $355 high.
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