Ethereum Rallies Into Resistance: Here’s Why Bulls Are Comfortable

Ethereum Rallies Into Resistance: Here’s Why Bulls Are Comfortable


Ethereum rallied more than 5% and it broke the key $370 resistance against the US Dollar. ETH price is struggling to clear the $390 resistance and it is currently correcting lower.

Ethereum started a strong increase after forming a key double bottom pattern near $355. The price is up over 5% and it surpassed the $370 barrier and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to remain well supported near the $370 support and the 100 hourly SMA. Ethereum Price Turns Green

Yesterday, we discussed a possible double bottom pattern for Ethereum near $355. ETH price did follow a bullish path and broke a couple of important resistances near the $370 level.

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There was also a close above the $370 level and the 100 hourly simple moving average. More importantly, there was

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