Key Highlights
Ether’s price declined further and tested an important range support near $365.00 against the US dollar.
A key range with support at $365.00 and resistance near $420.00 is intact on the 2-hour chart of ETH/USD.
Technically, the 2-hour chart indicators are placed with a slightly negative angle in the bearish territory.
Could ETH/USD Bounce Toward $400?
There were further losses in ETH/USD as the pair failed to stay above the $381.00 support. It traded lower and tested an important support area near $365.00, which held declines.
On the other hand, there are a few bullish signs emerging on shorter timeframe charts of ETH/BTC, though the pair has to gain pace toward the 0.0580BTC level to confirm a positive bias.
On the 2-hour chart of ETH/USD, the pair tested a crucial support around $365.00, which it held before starting an upward correction. It tested the 23.6 Fibonacci retracement level of the last drop from the $319.38 high to $367.26 low.
However, there are many hurdles ahead, beginning with $385.00 on the 30-minute chart. Above $385.00, the next resistance is close to the 50 Fibonacci retracement level of the last drop from the $419.38 high to $367.26 low at $394.00.
A successful close above the $394.00 resistance could clear the path toward the range resistance at $420.00, but $400.00 might be an intermediate psychological hurdle for Ether buyers.
On the flip side, a rejection from the $394.00 resistance may perhaps increase bearish pressure on ETH/USD, which would most likely retest the $365.00 support.
Overall, the $360.00-365.00 support zone holds a lot of importance and Ether’s price must stay above it to overcome the current bearish pressure.
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
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Ether’s price declined further and tested an important range support near $365.00 against the US dollar.
A key range with support at $365.00 and resistance near $420.00 is […]