The main highlights
- The price of ETH rose, and the main resistance against the US dollar was 385 USD.
- A new connectivity bullish trendline is formed on the ETH/USD hourly chart (data provided by Kraken) with support at $402.
- The exchange rate is currently falling, but it may be supported near $402 and $400.
Ethereum prices are comparable to the US dollar and Bitcoin. As long as the price is higher than $400, ETH / USD may continue to rise.
Ethereum Price Support
A decent buying area was formed near the ETH price of USD 370. Prices began to move upwards and traded above the $385 and the $390 resistance levels. Breaking above the $400 level has cleared the way for more gains. It is now housed on a $400 support and a 100-hour moving average
The last wave fluctuates upward and the price even exceeds the $422 level. Before the price started to correct downwards, the high was formed at US$423.83. It moves downwards and falls below the last wave of the 23.6% Fib retracement from a low of $384 to a high of $423. However, there is support above $400. On the ETH/USD hourly chart, there is also a new connection to the bullish trend line forming a support level of $402. The same trend line is close to the last wave of the 50% retracement from the low of $50, from the low of $384 to the high of $423.
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