Ethereum staged a strong increase and climbed above the $370 resistance against the US Dollar. ETH price is currently consolidating gains and it could correct lower.
- Ethereum started a decent increase above the $355, $365 and $370 resistance levels.
- The price is now well above $365 and the 100 hourly simple moving average.
- There is a short-term bullish trend line forming with support near $372 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but dips are likely to remain contained near $365 or $355.
Ethereum Price Consolidating Gains
Ethereum started a fresh increase after it broke the key $355 resistance level (similar to bitcoin at $11,000). ETH price surpassed the $365 and $370 resistance levels to move into a positive zone.
There was also a close above the $370 level and ether price settled well above the 100 hourly simple moving average. A new monthly high is formed near $379 and the price is currently consolidating gains.
It corrected lower below the $372 level, plus the 23.6% Fib retracement level of the upward move from the $347 swing low to $379 high. However, the price remained well bid above the $365 support and it climbed back above $370.
<img alt="Ethereum Price" class="alignnone size-full wp-image-446089" height="868" loading="lazy" sizes="(max-width: 1828px) 100vw, 1828px" src="https://www.cointelegraph.com.au/wp-content/uploads/2020/10/Ethereum-9-50.png" srcset="https://www.cointelegraph.com.au/wp-content/uploads/2020/10/Ethereum-9-50.png