Ethereum price struggles to clear the $ 360 and $ 365 resistance levels against the US Dollar. According to popular analyst Aayush Jindal, Ethereum price is showing signs of bearishness and could drop below $ 350 and $ 345.
Ethereum price is still facing resistance near the $ 360 and $ 365 levels
The price is currently close to the $ 355 support and the 100 hourly simple moving average.
There is a new bullish trend line formed with support near $ 352 on the hourly chart of ETH / USD (data flow via Kraken).
If the pair breaks the $ 352 and $ 350 support levels, it will likely continue to decline.
Aayush Jindal: Ethereum price is facing many hurdles
Ethereum price remained stable above the $ 350 support level but still faces heavy resistance near the $ 360 and $ 365 levels. ETH started an upward move from its $ 350 low and moved above the 100 hourly simple moving average. There was a break above the 23.6% Fib retracement level of the bearish move. However, the $ 360 resistance and the broken bullish trend line serve as a strong resistance for the bulls.
Aayush Jindal: Ethereum price is facing many hurdles
The 50% Fib retracement level of its move from $ 369 to $ 350 also serves as a resistance. Ethereum price is currently stable and is trading near the $ 355 support level. There seems to be a new bullish trend line formed with support near $ 352 on the hourly chart of the ETH / USD pair.
Here are the key levels that Ethereum price can see
If ether continues to decline and breaks the trendline support at $ 352, there is a greater risk of dips. The next major support is near the $ 350 and $ 348 levels, below that, the bears are aiming for a larger drop towards the $ 335 support level in the near term.
If Ethereum manages to stay above the $ 352 and $ 350 support levels, there is a chance for an upside break. The initial resistance is near the $ 360 level, according to the analyst. The first key resistance could be near the $ 362 level and above that, the bulls could aim for a clear break above the $ 365 resistance level. The next major resistance is near the $ 375 zone, according to the analyst.
