Ethereum extended its decline below the key $365 support against the US Dollar. ETH price is correcting higher and it must surpass $380 for to avoid another bearish wave.
- Ethereum started a decent upward move after it tagged the $360 level.
- The price is now trading nicely above the $370 level and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could is still facing a strong resistance near the $380 level.
Ethereum Price is Facing Hurdles
Ethereum extended its decline below the $370 level. ETH price even broke the $365 support level and tested the $360 level. It found support near $360 and recently started a fresh increase.
There was a break above the $365 and $368 resistance levels. More importantly, there was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD. Ether price is now trading nicely above the $370 level and the 100 hourly simple moving average.
It is still facing a strong resistance near the $380 level. A high is formed near $380 and the price is currently correcting lower. There was a break below the $375 level, plus the 23.6% Fib retracement level of the upward move from the $360 swing low to $380 high.
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