Ethereum is struggling to gain momentum above $410 and $420 against the US Dollar. ETH price might start a strong downside correction if it clears the $400 support.
- Ethereum is facing a couple of major hurdles near the $410 and $412 resistance levels.
- The price is currently holding the $400 support and the 100 hourly simple moving average.
- There was a break below a key contracting triangle with support near $412 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a sharp downside correction below $400 if it stays below $412 for too long.
Ethereum Price is Facing Hurdles
Ethereum failed to set a new monthly high above $420 unlike bitcoin against the US Dollar. ETH price seems to be facing a couple of major hurdles near the $410 and $412 resistance levels.
The last swing high was near $418 before the price declined below the $410 support. There was a break below a key contracting triangle with support near $412 on the hourly chart of ETH/USD. However, ether price remained well bid above the $400 support and the 100 hourly simple moving average.
A low is formed near $403 and the price is currently consolidating in a range. There was a break above the $405 level, but the price is facing a strong resistance near the $410 level. It is also close to the 50% Fib retracement level of the recent decline from the $418 high to $403 low.
<img alt="Ethereum Price"
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