Ethereum is down over 8% and it broke many key supports near $355 against the US Dollar. ETH price is currently consolidating losses and it is likely to face hurdles near $355 or $362.
- Ethereum started a sharp decline from the $375 resistance and broke the $355 support.
- The price is finding bids above $330, but it is now well below the 100 hourly simple moving average.
- There is a short-term breakout pattern forming with resistance near $348 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to face a strong resistance near the $355 zone (support turned resistance).
Ethereum Price Turns Red
Yesterday, we discussed the chances of a fresh decline in Ethereum if it fails to clear $375 and $380. ETH price struggled to clear the $375 resistance zone, resulting in a sharp bearish reaction.
The decline was initiated after there was a break below key declining channel with support at $365 on the hourly chart of ETH/USD. Ether price accelerated its decline below the main $355 support level and the 100 hourly simple moving average.
It is down over 8% and a new weekly low is formed near $331. Ethereum is currently correcting higher and trading above the $340 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $375 high to $331 low.
<img alt="Ethereum Price" class="alignnone size-full wp-image-439251" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cryptotelegraph.com/wp-content/uploads/2020/09/Ethereum-18-60.png" data-srcset="https://www.cryptotelegraph.com/wp-content/uploads/2020/09/Ethereum-18-60.png 1828w, https://www.newsbtc.com/wp-content/uploads/2020/09/Ethereum-18-460×218.png 460w, https://www.newsbtc.com/wp-content/uploads/2020/09/Ethereum-18-860×408.png 860w, https://www.newsbtc.com/wp-content/uploads/2020/09/Ethereum-18-768×365.png