Ethereum recovered above the $350 resistance zone against the US Dollar. ETH price tested the $375 zone and it is currently correcting lower towards the $350 support.
- Ethereum is currently correcting lower from the $370 and $375 resistance levels.
- The price is now approaching the 100 hourly simple moving average and the $350 support.
- There is a declining channel or a bearish flag forming with resistance near $364 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $350 support level to start a fresh increase to $400 in the near term.
Ethereum Price Approaching Strong Support
Yesterday, we saw a strong increase in Ethereum above the $350 resistance level. ETH price even broke the $360 resistance zone and there was a close above the 100 hourly simple moving average.
The price traded to a new weekly high at $377 and it is currently correcting lower. Ether is trading below the $370 and $368 levels. There was a break below the 23.6% Fib retracement level of the upward move from the $325 swing low to $377 high.
The price is now approaching the 100 hourly simple moving average and the $350 support. There is also a declining channel or a bearish flag forming with resistance near $364 on the hourly chart of ETH/USD.
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