- Ethereum has found support at $310 after recovering by 8%
- The digital asset is still facing several hurdles at $360 and $370
- Ethereum’s price is still below the 100-day SMA and $370
Ethereum News Today – the price of Ethereum is up by 8% in the last 24-hours. The coin broke the $310 resistance. It also broke $335 and $340 (both resistances as well). The price remains well below $370 and the 100-day SMA (simple moving average). The coin posted a break above an important bearish pattern and faced resistance at $350 via the ETH/USD hourly chart. The pair could continue declining if it doesn’t overcome the major resistance at $370. After dropping beneath the $350, Ethereum’s price extended its decline to the $335 support area. It eventually broke the $320 support before settling below the 100-day SMA.
ETH/USD Formed a Monthly Low at $310
ETH/USD formed a new monthly low at $310 before starting the recent upside correction. The coin broke above the $325 and $335 resistances. There was also a break above an important bearish pattern with resistance close to the $350 via the 4-hour chart. The trading pair managed to surpass the $350 resistance. Although, it still faces hurdles near $360 (which was the previous support and is now an important resistance).
The coin formed a high near the $360 area. Ether’s price is currently dropping below $350. It breached the 23.6% Fib retracement of the last upward move from $310 to $360. There is initial downside support near the $340 position. The initial major support area is at the $335 position. It is near the 50% Fib retracement area of the last upward move from $310 to $360.
ETH/USD Must Break $360 and $370 to Initiate a Fresh Rally
To begin a fresh rise, the price of Ethereum must break above the $360 and $370 resistances. A successful close higher than $370 must happen for ETH/USD to complete a decent move to the $400 mark. If Ethereum’s price fails to correct above $360 and $370 (both resistances), it will likely continue going lower. The initial support on downwards is $335. A downward break below the $340 and $335 areas could initiate a fresh drop.
The next important support is close to the $322 area, below this area, there’s a risk of breaking down below $310 which is a support position. For the technical indicators for ETH/USD, the MACD line has slowly started gaining momentum despite still been in the bearish region. The RSI for the ETH/USD trading pair remains well below level 50. The digital asset has its major support and resistance areas at $335 and $371 respectively.
Tensions are high as the market took an unexpected turn several hours ago. Whether price correction has ended is yet to be seen.