Ethereum’s ether stayed above the $372 support and recovered nicely against the US Dollar. ETH price is now struggling to clear $392, above which it could rally significantly.
- Ethereum started a decent recovery wave after it found support near the $372 level.
- The price is now trading above $382 and testing the 100 hourly simple moving average.
- There was a break above a key connecting bearish trend line with resistance near $384 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must settle above $392 to initiate a strong rally in the coming sessions.
Ethereum Price is Attempting Upside Break
After diving towards the $372 support, Ethereum held the ground and started a decent upward move. ETH price broke the $380 resistance level to move into a short-term bullish zone.
The upward move was such that ether price surpassed the 23.6% Fib retracement level of the downward move from the $404 swing high to $371 swing low. Moreover, there was a break above a key connecting bearish trend line with resistance near $384 on the hourly chart of ETH/USD.
The price is now facing hurdles near $388 and $390. The 50% Fib retracement level of the downward move from the $404 swing high to $371 swing low is also acting as a resistance. It is now trading above $382 and testing the 100 hourly simple moving average.
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