TA: Ethereum Could Resume Its Rally Above $385, Key Supports Nearby

TA: Ethereum Could Resume Its Rally Above $385, Key Supports Nearby


Ethereum corrected lower after testing the $395 resistance against the US Dollar. ETH price is currently following the 100 hourly SMA, and it could resume its rally above $385.

Ethereum is following a nice bullish trend above the $375 and $380 levels. The price is trading above the 100 hourly simple moving average, but it facing hurdles near $385. There is a major bullish trend line forming with support near $377 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rally if it clears the $385 resistance level, else it could decline sharply below $375. Ethereum Price Holding Gains

There was an upside extension in Ethereum above the $385 resistance. ETH price even broke the $390 level and settled well above the 100 hourly simple moving average.

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It tested the $395 resistance and started a downside correction. There was a break below the $385 support level, but the bulls were able to defend the $375

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