Ethereum Prints Bullish Technical Pattern, Why Close Above 365 Is Critical

Ethereum is showing positive signs above the key $355 support against the US Dollar. ETH price could accelerate higher if it clears the $365 resistance zone.

  • Ethereum is slowly rising and it is now trading well above the $355 support.
  • The price is currently testing the $362 resistance and is above the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $355 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower if it breaks the $365 and $365 resistance levels.

Ethereum Price is Showing Positive Signs

Ethereum started a steady rise above the $355 support zone and remained in a positive zone. ETH bears failed to push the price below the $350 support and the 100 hourly simple moving average, resulting in a positive move.

The price climbed above the $358 and $360 levels. Ether is now testing the $362 resistance and it is showing a few positive signs (similar to bitcoin). If there is a downside correction, the price could find support near the $360 level.

The first major support is near the $358 level or the 50% Fib retracement level of the recent rise from the $352 low to $363 high. The main support is still near the $355 level and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $355 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum Price

Ethereum price trades above $360. Source: TradingView.com

The trend line coincides with the 76.4% Fib retracement level of the recent rise from the $352 low to $363 high. On the upside, ether price is facing a key hurdle near the $365 level. A successful close above the $365 resistance could trigger a sharp rise. The next target for the bulls might be $385 or even $392.

Dips Supported in ETH?

If Ethereum fails to clear the $365 resistance, there could be a fresh downside correction. On the downside, there are many important supports near $358, $355, and the 100 hourly SMA.

To push the price into a bearish zone, the bears need a clear break below the $355 support and then a follow up move below the $350 support in the near term.

Technical Indicators

Hourly MACD The MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSI The RSI for ETH/USD is currently rising and it is well above the 50 level.

Major Support Level – $355

Major Resistance Level – $365

This post was originally published on www.newsbtc.com