Ethereum rallied more than 5% and it broke the key $370 resistance against the US Dollar. ETH price is struggling to clear the $390 resistance and it is currently correcting lower.
- Ethereum started a strong increase after forming a key double bottom pattern near $355.
- The price is up over 5% and it surpassed the $370 barrier and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to remain well supported near the $370 support and the 100 hourly SMA.
Ethereum Price Turns Green
Yesterday, we discussed a possible double bottom pattern for Ethereum near $355. ETH price did follow a bullish path and broke a couple of important resistances near the $370 level.
There was also a close above the $370 level and the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD.
Ether price is up over 5% and it tested the next important resistance near the $385 zone. A high is formed near $385 and the price is currently correcting lower. It broke the $380 level and the 23.6% Fib retracement level of the upward move from the $355 low to $385 high.
On the downside, the price is likely to find a strong support near the broken trend line and $370.