Ethereum Price Watch | ETH/USD Recovers Short Term

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Key Highlights:

  • Ethereum price recovered from its weekly low of $375, now stabilizing at around $385
  • A major resistance point has been set at $395
  • Although ETH/USD is on a downward trend, a bullish reversal could still materialize

Ethereum Recovers From Weekly Low

On Monday morning, Ethereum recovered from its weekly low of 375, and it is now trading at around the $385 price region. A major resistance level was established earlier today at $395, while the current support level is $380.

At the moment, ETH/USD is on a downward trend, but the coin is trading much below its 20-day moving average, so the decline may not last long. The candlestick patterns show that a bullish reversal is still likely to happen.

Ethereum Price Watch

Source: Tradingview

The technicals also confirm that ETH is heading toward a bullish run. Both an MACD line crossover and an uptrending RSI mean that Ethereum price is in a bullish zone. An RSI score of near 40 also shows that Ethereum was oversold.

Looking at the Technical Indicators:

  • Hourly MACD & RSI — ETH is in a bullish zone
  • Major Resistance Level — $395
  • Major Support Level — $380

Featured Image: twitter

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