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Ethereum started a strong recovery wave above the $350 resistance against the US Dollar. ETH price is up over 10%, but it must still break the $370 resistance for upside continuation.
Ethereum gaining traction above the $340 and $350 resistance levels.
The price is now well above the 100 hourly simple moving average, but it is facing hurdles near $370.
There was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must surpass the $370 resistance for upside continuation in the near term.
Ethereum Price Rally Reaches Inflection Zone
After forming a support base above $330, Ethereum started a strong recovery wave. ETH price broke the $340 and $350 resistance levels to move into a positive zone.
There was a close above the $350 resistance and the 100 hourly simple moving average. The upward move gained pace after there was a break above a major bearish trend line with resistance near $340 on the hourly chart of ETH/USD.
The next key resistance is near the $380 level. It is close to the 76.4% Fib retracement level of the downward move from the $401 high to $310 swing low. A successful close above the $370 and $380 resistance levels may perhaps open the doors for a decent increase.
Downside Correction in ETH?
If Ethereum fails to clear the $370 resistance or the $380 technical hurdles, there could be a short-term downside correction. An initial support on the downside is near the $360 level.
The next major support is near the $350 level and the 100 hourly simple moving average. If ether fails to stay above the $350 support, the price is likely to resume its decline. In the stated case, the bears might aim a retest of the $330 support.
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