Ethereum is stuck in a crucial range above the $382 support against the US Dollar. ETH price could either jump above $392 or it might nosedive below $380.
- Ethereum is struggling to stay above the key $382 and $380 support levels.
- The price is currently trading in a range above the $382 support and below the $392 resistance.
- There is a crucial bearish trend line forming with resistance near $390 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $390 and $392 resistance levels.
Ethereum Price is Facing Heavy Resistance
In the past few sessions, Ethereum saw an increase in selling pressure below the $400 support. ETH price settled below the $392 support and the 100 hourly simple moving average.
The price even spiked below the $385 support, but it remained stable above the $382 support. Recently, bitcoin price started a fresh increase from the $13,000 support, but ether price remained in a range. It seems like the price is trading in a range above the $382 support and below the $392 resistance.
An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $410 high to $382 swing low. There is also a crucial bearish trend line forming with resistance near $390 on the hourly chart of ETH/USD.
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