Ethereum failed to clear the $388 resistance zone against the US Dollar. ETH price is currently holding the $365 support and it could resume its upward move.
- Ethereum corrected lower below the $380 and $375 support levels.
- The price is currently just above the 100 hourly simple moving average, and well above $365.
- There was a break below a short-term rising channel with support near $378 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase unless it dives below the $370 and $365 support levels.
Ethereum Price Holding Gains
There was another attempt by Ethereum to surpass the $385 and $388 resistance levels, but it failed to gain momentum. ETH price traded as high as $388 and recently declined below the $380 support.
There was also a break below a short-term rising channel with support near $378 on the hourly chart of ETH/USD. Ether price spiked below the $375 level and the 100 hourly simple moving average. It traded as low as $373 and it is currently recovering higher.
There was a test of the 50% Fib retracement level of the recent decline from the $388 high to $373 low. It seems like the price is facing hurdles near the $380 level.
