Ethereum extended its rise above the $390 zone and traded close to $400 against the US Dollar. ETH price is currently correcting lower and it is likely to find support near $380.
- Ethereum is trading in a positive zone and it recently broke the $390 resistance.
- The price traded as high as $395 and settled well above the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $378 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to climb higher above $400 as long as it is above the $375 support zone.
Ethereum Price Following Uptrend
In the past few sessions, Ethereum saw a steady increase above the $375 resistance zone. ETH price remained well supported and it managed to climb above the $385 and $390 levels.
There was also a close above the $380 level and the 100 hourly simple moving average. Ether price broke the $390 level and traded as high as $395. It failed to test the $400 resistance and it is currently correcting lower.
It broke the $388 level, and the 50% Fib retracement level of the recent increase from the $374 low to $395 high. On the downside, there is a strong support forming near the $378 and $380 levels. There is also a major bullish trend line forming with support near $378 on the hourly chart of ETH/USD.
<img alt="Ethereum Price" class="alignnone size-full wp-image-438849" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cryptotelegraph.com/wp-content/uploads/2020/09/Ethereum-15-87.png"