Ethereum Recovers Above $392, Another Rally Is In The Books

By November 4, 2020Ethereum
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Ethereum recovers above the $392 level as it stayed above the $372 support, recovering against the US dollar. The price is now struggling to clear the $392 above which it could rally even more so let’s look at the Ethereum price news today.

The price is now trading above $382 and tests the 100 hourly simple moving average with a break above the key connecting bearish trend line with the resistance of $384 on the hourly charts of the pair. The pair has to settle above $392 to start a strong rally in the upcoming sessions. After diving towards the $372 support, ETH held the ground and even started another upward movement. The price broke the $380 resistance level to move into the short-term bullish zone. Ethereum recovers above $392 as the upward movement allowed it to surpass the 23.6% fib retracement from the downward move from the $404 swing high to the $371 swing low. There was a break above the key connecting the bearish trend line with the resistance close of $384 on the hourly charts of the pair.

eth/usd
Source ETH/USD on TradingView.com

The price faced many hurdles close to $388 to $390. The 50% fib retracement level from the downward move from $404 swing high to $371 swing low which acts as a resistance. It is now trading above $382 and testing the 100 hourly simple moving average. In order to start another strong rally, ETH has to clear the $390 resistance and settle above $392. A close above the $392 resistance could start a larger upward movement towards the $405 and the $412 levels. Further gains could lead the price to the $420 resistance level.

ethereum price
Chart of ETH’s price action over the past few weeks with technical analysis by crypto trader Trader Koz (TraderKoz on Twitter).

If ETH fails to clear the $390 and the $392 resistance levels, it could start another downside reaction. The initial support on the downside is close to the $382 level. The first major support is clear the $380 level. A clear break below the $380 will start another decline to the main $372 support level. more losses could push the price towards the $365 level in the upcoming sessions. The technical indicators of the MACD for the pair are gaining momentum in the bullish zone. The hourly RSI for the pair is well above 50. The Major support level is set at $380 while the major resistance level is set at $392.

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