- Ethereum price started a fresh increase after it settled above the $360 zone against the US Dollar.
- ETH price is currently trading well above $372 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $376 on the 4-hours chart (data feed from Coinbase).
- The pair is currently consolidating gains, but it is likely to start a fresh increase above $380.
Ethereum price is showing positive signs above $372 and $376 against the US Dollar. It seems like ETH/USD is preparing for more gains above the $385 and $390 levels.
Ethereum Price Analysis
Recently, Ethereum price found a strong buying interest near the $360 level against the US Dollar. ETH price remained well above $360 and it started a fresh increase above the $365 resistance.
There was a break above the $375 level and the price settled nicely above the 55 simple moving average (4-hours). The price even broke the 50% Fib retracement level of the downward move from the $395 swing high to $362 swing low.
Ether is now facing hurdles near the $384 level or the 61.8% Fib retracement level of the downward move from the $395 swing high to $362 swing low. It is currently consolidating above $372 and the 55 simple moving average (4-hours).
There is also a key bullish trend line forming with support near $376 on the 4-hours chart. If there is a downside break below the trend line support, there is a risk of a drop towards the main $362 and $360 support levels. Any further losses might call for a test of the $350 level.
On the upside, the price is facing hurdles near the $384 and $385 levels. A proper break above the $385 barrier is likely to open the doors for a push towards the $398 and $400 levels. Any further gains could lead the price towards the $420 resistance level.
Looking at the chart, Ethereum price is clearly consolidating gains above the $376 support and the 55 simple moving average (4-hours). Overall, ether is likely to start a fresh increase above $385 as long as there is now braek below $376.
Technical indicators
4 hours MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently well above the 50 level.
Key Support Levels – $376, followed by the $360 zone.
Key Resistance Levels – $385 and $400.
