ETH Starts Steady Decline From $395 But SMA Can Start New Rally
ETH starts steady decline from the $395 swing high against the US dollar but the SMA of the coin could start a new rally as the price is now trading above the main $360 support and the 100 SMA. In our latest Ethereum news, we take a closer look at the price analysis.
The ETH price is showing a few bearish signs below the $375 level and the $380 against the US dollar. The price is still holding the $365 support and the 100 SMA while creating a major declining channel with resistance near the $372 on the 4-hour charts for the pair. The pair will likely rally to above $375 as long as it is trading above the 100 SMA. After forming another top near the $395 level ETH starts a steady decline against the US dollar. The price broke the $380 and the $375 support levels to move into the short-term bearish zone.
Ethereum’s price tested the $360 level and remained well bid above the 100 simple moving average. Another low was formed near the $360 and the price is currently correcting higher while testing the $368 resistance level. The stated resistance is closer to the 23.6% fib retracement level from the key decline at $395 high to the $360 low. Most importantly, there’s a major declining channel forming close to the $372 level on the 4-hour charts of the pair. Above this channel resistance, the bulls could face hurdles near the $375 level.
The next major resistance is close to the $378 level or the 50 fib retracement level from the key declining channel at $395 high to the $360 low. The clear break above the channel resistance and another move towards $378 could open the doors for a fresh increase while the next stop for the bulls could be near the $395 and the $400 resistance level. Most importantly, there’s a major declining channel forming with the resistance near the $372 on the 4-hour charts of the ETH/USD. Above this resistance level, the bulls could face hurdles close to the $375 level.
The next major resistance is close to the $378 level of the key decline from the $395 high. Another break above the channel resistance and the follow-up move above the $378 level could open the doors for another increase. The next step for the bulls could be $395 and $400. The 4-hour MACD for the pair is moving back into the bullish zone while the 4-hour RSI is below 50.