Ethereum Price Trades Above 350 Dollars

Ethereum Price Trades Above 350 Dollars

Ethereum price trades above $350. 

 

It seems like the 61.8% Fib retracement level of the downward move from the $394 high to $313 swing low is acting as a strong resistance. There is also a key rising channel forming with support near $352 on the same chart.

 

A clear break above the channel resistance, 100 SMA (h4), and the $362 zone could open the doors for a sharp increase. The next major hurdle is near the $375 level, above which the price might rally to $400.

 

Downsides Supported in Ether (ETH)?
If Ethereum fails to clear the $362 resistance zone, it might start a downside correction. An initial support is near the channel support at $352.

 

If there is a downside break below the channel support at $352, there is a risk of a drop towards the $345 support zone. Any further losses might negate the current bullish wave and ether could revisit the $315 level.

 

 

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