The Ethereum price is once again behaving strangely. The entire cryptocurrency market is showing mixed signals as major cryptocurrencies like Bitcoin and Ethereum are testing major levels. At the time of writing, the Ethereum price is sitting at $388.15 (-6.07%). Let’s take a look at it in more detail.
Ethereum Price Analysis: ETH Price is testing below $392 level
Ethereum Price Analysis Daily Price Chart: ETH/USD Daily Price Chart: Tradingview
At the moment, the Ethereum price is testing the $392 level. It has undergone a massive upside rejection from the $441 level. Just a few days ago, the Ethereum price was increasing like crazy and had touched the $441.50 mark. In the last 24 hours however, the Ethereum price has decreased by almost 6.07%, and in the last 10 days, the same price has decreased by almost 10.3%.
Now, if we closely analyze the daily price chart then at the moment the ETH has multiple resistance levels. The most crucial levels are:
However, before that, the ETH price will have to crack the psychological resistance at $400. After that, the gates could be wide open for the price to rise again and the next price resistance could be sitting at the golden ratio at ± $550. In short, the three above mentioned resistances could be crucial for Ethereum to pull a massive rally again. The key metrics are as follows:
Ethereum Price Analysis: The monthly ETH price is bullish!
Ethereum Price Analysis Monthly Price Chart: ETH/USD Monthly Price Chart: Tradingview
At this moment, the $400 level is a psychological one to reclaim. After that, Ethereum buyers could face resistance at the 12-EMA at $410. Further support level could be established at the 26-EMA at $376. Now, the trading volume of Ethereum is decreasing but no bearish movement has made any kind of continuation. For example, today, the 1Hr Low / 1Hr High is between $384.00 / $388.62.
Conclusion
Right now, ETH is showing signs of laziness. Bulls may look to gain momentum around $396-$398 in expectation of a strong come back towards the $425, and possibly $437 levels. But before that the Ethereum price must touch the psychological level of $400 once more. We wish you happy trading!
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