A string of back-to-back upside rejections at a local top is putting Ethereum at risk of correcting lower towards $350.
Looking at ETH/USD 1H chart shows the pair attempting to close above $384, a resistance target that had held through extreme bullish biases in the past. It continues to defend bears as Ethereum traders repeatedly fail to push the prices above, leading to the formation of multiple lengthy wicks to the upside.
ETHUSD trades near the interim resistance area of $384-390. Source: TradingView.com
Technically, they represent rejected spikes–even hardcore attempts to take ETHUSD above $384 meet with equally strong selling pressure.
That leaves traders with the option to either keep testing the level for a breakout move while gathering more accumulators at the local support level ($375) or give up the area altogether to find serious buyers at further lower levels.
Breakout Scenario
As shown in the chart above, Ethereum is technically trading inside an Ascending Triangle. A horizontal line/area in purple coupled with a rising trendline