Ethereum recovered above the $350 resistance zone against the US Dollar. ETH price tested the $375 zone and it is currently correcting lower towards the $350 support.
Ethereum is currently correcting lower from the $370 and $375 resistance levels. The price is now approaching the 100 hourly simple moving average and the $350 support. There is a declining channel or a bearish flag forming with resistance near $364 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $350 support level to start a fresh increase to $400 in the near term. Ethereum Price Approaching Strong Support
Yesterday, we saw a strong increase in Ethereum above the $350 resistance level. ETH price even broke the $360 resistance zone and there was a close above the 100 hourly simple moving average.
The price traded to a new weekly high at $377 and it is currently correcting lower. Ether is trading below the $370 and