Ethereum is holding a crucial support zone near the $380 level against the US Dollar. ETH price seems to be basing for the next move and it might surge above $400 in the near term.
- Ethereum is currently consolidating above the $380 and $385 support levels.
- The price is likely to face hurdles near $395, $400, and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $395 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a strong increase if it clears the $395 and $400 resistance levels.
Ethereum Price Approaching Next Break
Ethereum traded as low as $379 and recently started correcting losses against the US Dollar. ETH recovered above $385 and it seems like the price is forming a decent support base above $380.
There was a break above the $390 level, plus the 23.6% Fib retracement level of the downward move from the $20 swing high to $379 low. Moreover, ether price was able to climb above a key bearish trend line with resistance near $390 on the hourly chart.
The price is currently facing a…