This Simple Technical Pattern Could Send Again Ethereum Overhead $350

By Ritwik

Ethereum is stressed to gain momentum above $340 & $350 against the US Dollar. ETH price could start a substantial upsurge if it clears the 100 hrs. SMA at $350. Ethereum is fronting an uphill task nearby the $340 & $350 resistance level.

The worth is trading in a range above $320 and below the 100 hourly simple moving average. There is a crucial falling channel forming with resistance nearby $340 on the hourly chart of ETH/USD (data feed via Kraken). The pair might clear the 100 hourly SMA and $350 if it surpasses the channel resistance.

Ethereum Price Facing Footraces

In the recent past, Ethereum broke the $340 and $350 resistance level. However, ETH’s price struggled to gain momentum above $355 and stayed well below the 100 hourly simple moving average, overturning a possible bullish breakout. Ether worth started a fresh decline below the $340 support level. It broke the 50percent Fib retracement level of the upward move from the $323 low to $355 high. There was also a spike below the $335 support level.

It is presently trading near the 76.4% Fib retracement level of the upward move from the $323 low to $355 high. Ether seems to be facing a significant resistance near the $340 level. There is also a critical declining channel forming with resistance near $340 on the hourly chart of ETH/USD.

If there is a broken overhead the channel resistance, the bulls might attempt to clear the 100 hourly SMA at $350. If they flourish, there are chances of a sturdy rise above the $355 & $360 levels in the near term. The next significant resistance is near the $370 station, above which the value is likely to move into a positive zone, & it could re-enter the $400 hurdle.

Bearish Break in ETH?

If Ethereum continues to struggle near $350 and the 100 hourly SMA, there is a risk of a bearish break. Preliminary support on the downside is near the $325 level. The next significant support is near the $315 and $310 level. A daily close below the $310 low is likely to spark another sharp decline. In the stated case, the price may even dive below the $300 support level.

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