Continuation Of ETH Rally Is Possible If Key Supports Hold: Analysis

The continuation of the ETH rally is possible above the $385 level if the key support levels hold strong. Ethereum corrected lower after testing the $395 resistance against the US dollar with the price following the 100 hourly SMA and resuming the rally above $385. In our ETH price news, we read more on the price analysis.

Ethereum is following a nice bullish trend above the $375 and the $380 levels with the price trading above the 100 hourly simple moving average but facing hurdles close to the $385. There’s also a major bullish trend line forming with support at $377 on the hourly charts of the pair which could rally if it manages to clear the $385 resistance level. However, there’s a risk of dropping below $375.

There was an upside extension in ETH above the $385 resistance as the price broke the $390 level and settled above the 100 hourly simple moving average. The coin tested the $395 resistance and started a downside correction. There was a break at the $385 level but the bulls were able to defend the $375 level plus the $23.6% fib retracement. After that, a low was formed near the $374 and the ETH price is now rising. It seems like there’s a major bullish trend line forming with support at $377 on the hourly charts of the pair. there was also a break above the $380 level plus the 23.6% fib retracement level from the decline at $395 high to the $375 low.

However, the continuation of the ETH rally is possible as the price is facing strong resistance close to the $285 level. The 50% fib retracement level of the decline from $395 high to the $374 low is also near the $385 level. A break above this resistance level could increase the chances of more gains above $388 and $390. The next major resistance is close to the 5 level above which the bulls are aiming for a bigger upward movement at 0.
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Ethereum is following a nice uptrend above the 100 hourly simple moving average and the $375 support. If there’s another downside break below the trend line at $375, the price will extend the correction. The next major support is close to the $365 level where the bulls are likely to take a stronger stand in the near-term. The ETH/USD pair is struggling to gain momentum in the bullish zone while the hourly RSI is close to the 50 levels with a fiat bias.