Ethereum started a fresh recovery wave above $385 against the US Dollar. ETH price is showing positive signs and it could rally above $400 and $402 in the near term.
- Ethereum is trading in a positive zone above the key $392 and $395 support levels.
- The price even spiked above the $400 resistance and settled above the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $392 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher if it clears the $400 and $402 resistance levels.
Ethereum Price is Recovering
After forming a support base near the $385 level, Ethereum started a decent upward move. ETH price broke the $392 and $395 resistance levels to move into a positive zone.
The price spiked above the $400 resistance settled above the 100 hourly simple moving average. A high was formed near $404 before the price corrected lower. Ether declined below the $400 support level. There was also a break below the 23.6% Fib retracement level of the upward move from the $385 low to $404 swing high.
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