Big Reaction From ETH Bulls As Coin Breaks Key Technical Breakout

A Big reaction from the ETH Bulls is imminent as the coin is seeing a key technical breakout being up by over 2% and breaking the main $400 resistance against the US dollar so let’s read more in the upcoming Ethereum price news.

The Ethereum price is back in the positive zone above the $400 and the $402 resistance level against the US dollar. There’s also strong support forming close to the $395 and the 100 simple moving average while there’s a break above the crucial bearish trend line with a resistance close to the $395 on the 4-hour chart of ETH/USD pair. The pair will continue higher once it clears the $408 resistance level in the near-term.

After the strong downside correction, a big reaction from the ETH bulls is imminent as Ethereum found support close to the $370 level against the US dollar. The price made two attempts to drop below the $370 support but the bears didn’t manage to gain momentum. As a result, ETH started a strong increase in breaking the $385 resistance while opening the doors more gains above the $395 pivot and resistance level. The price climbed above the 50% Fib retracement level from the downward move of $411 high to $370 low.

There was a strong break above the crucial bearish trend line with a resistance of $395 on the 4-hour charts for the pair. The pair will likely trade above the $400 resistance level and the 100 simple moving average and the 76% fib retracement level from the downward movement of the $411 high to the $370 low. The ethereum price trades above $400.

The immediate resistance is close to the $408 level and the successful close above the level could open the doors for a bigger increase in the near term. The next major resistance for ether could be close to the $420 level or the 1.236 fib extension level from the downward movement of $411 high to the $370 low. Further gains could lead the price to the $450 resistance. If ETH fails to clear the $408 resistance zone, it could start the downside correction. The initial support is now close to the $395 level and the 100 simple moving average. The next major support is close to the $390 level below which the bears are likely to target the $370 support region in the near term.