The price of Ethereum reports a setback of 3.24 causing the value to trade below $ 390 again, this could change as the day progresses.
The ETH price moved higher and was successful in breaking a major resistance near $ 390-395 against the US dollar.
The main bearish trend line highlighted yesterday with resistance at $ 395 was breached on the ETH / USD hourly chart (data feed via Kraken).
The pair traded above the $ 415 level before beginning a downward correction recently.
The price of Ethereum shows some positive signs against the US dollar and Bitcoin. ETH / USD remains downwards compatible around the $ 400 and $ 395 levels.
Ethereum price support
There was a decent start for a positive wave from the $ 370 level in the ETH price against the US dollar. The price gained momentum and was able to break a large resistance near the $ 390-395 area. It also eliminated the 50% retracement level of the last decline, from the minimum of $ 430 to $ 360 minimum. He opened the doors to get more profits and the price moved above the $ 400 level.
More importantly, the main bearish trend line with resistance at $ 395 on the ETH / USD hourly chart was highlighted yesterday. The pair traded up to $ 417.84 before facing the sellers. Later, a downward correction was initiated and the price moved below $ 410. It was also traded below the Fibonacci retracement level of 23.6% of the last wave, from the minimum of $ 359 to $ 417 of high. However, there is significant support near the $ 400 level and the 100-hour simple moving average.
In addition, the level of retracement of the Fibonacci 38.2% of the last wave from the minimum of $ 359 to the high of $ 417 can also act as support around the level of $ 395. If the price does not remain above the supports of $ 395 and $ 390, there could be a new $ 360 test. On the positive side, the price has to move beyond the $ 317-320 area to get more profit in the short term.
MACD per hour: the MACD retreats in the bearish zone.
RSI per hour: the RSI goes back below level 50.
Main support level: $ 390
Higher resistance level – $ 417