TA: Ethereum is Gaining Momentum, But $400 Presents A Significant Challenge

TA: Ethereum is Gaining Momentum, But $400 Presents A Significant Challenge


Ethereum surged above the $370 resistance against the US Dollar. ETH price tested the $395 resistance and it is currently correcting lower towards the $380 support zone.

Ethereum gained bullish momentum above the $370, $375 and $380 resistance levels. The price tested the $395 resistance and it settled nicely above the 100 hourly simple moving average. There is a key connecting bullish trend line forming with support near $372 on the hourly chart of ETH/USD (data feed via Kraken). The pair is correcting lower, but the bulls are likely to protect $380 or $375. Ethereum Price Turns Green

Yesterday, we discussed how Ethereum lacked momentum above $375, but dips likely to be limited. ETH price remained well supported above the $365 level and it started a fresh increase.

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The bulls gained strength above the $370, $375 and $380 resistance levels. Ether traded close to the $400 resistance and formed a new monthly high at $395 (similar to bitcoin). It

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