Ethereum is showing positive signs above the key $355 support against the US Dollar. ETH price could accelerate higher if it clears the $365 resistance zone.
- Ethereum is slowly rising and it is now trading well above the $355 support.
- The price is currently testing the $362 resistance and is above the 100 hourly simple moving average.
- There is a major bullish trend line forming 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 $365 and $365 resistance levels.
Ethereum Price is Showing Positive Signs
Ethereum started a steady rise above the $355 support zone and remained in a positive zone. ETH bears failed to push the price below the $350 support and the 100 hourly simple moving average, resulting in a positive move.
The price climbed above the $358 and $360 levels. Ether is now testing the $362 resistance and it is showing a few positive signs (similar to bitcoin). If there is a downside correction, the price could find support near the $360 level.
The first major support is near the $358 level or the 50% Fib retracement level of the recent rise from the $352 low to $363 high. The main support is still near the $355 level and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $355 on the hourly chart of ETH/USD.
<img alt="Ethereum Price" class="alignnone size-full