Ethereum is gaining bullish momentum above $375 against the US Dollar. ETH price is showing positive signs and it might even climb above the $385 resistance.
- Ethereum started a fresh upward move after forming a support base near $368.
- The price is now trading well above the $375 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 correct a few points, but there are high chances of more upsides above $385.
Ethereum Price is Gaining Traction
Ethereum started a decent upward move after it formed a strong support base above the $365 level. ETH price broke the $372 pivot level to start the current recovery wave.
The bulls gained strength, resulting in a push above the $375 resistance. Moreover, there was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD.
Ether price surpassed the 50% Fib retracement level of the downward move from the $385 swing high to $365 swing low. It is now trading well above the $375 level and the 100 hourly simple moving average.
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