Technical analysis ETH/USD, September 28

28.09.2020 16:01:08

After the pair ETH/USD rallied from last week's low of $313 and broke the first resistance level of $335, it managed to rise above the $350 resistance level over the weekend. Now Ethereum is slowly moving up above the 100-hour simple moving average, moving into positive territory. In order to continue its growth, the pair ETH/USD must overcome the resistance area of ​​$362- $365.

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On Saturday, the pair ETH/USD already tried to rise above $360 once, but having reached a maximum of $362, it was pushed back by the bears to the support level of $350. At the time of publication, the pair ETH/USD is trading at $364. If the pair ETH/USD manages to close above the $365 mark, the bulls will pick up the initiative and the pair will continue to rise to the next resistance level at $375. The next resistance level is the key level of $400.

On the 4-hour chart, the pair ETH/USD is forming an upward channel. And if today the pair fails to close above the $365 level, the bears may again lower the pair to its immediate support at $358. Key support is in the $350 area. A successful close below the $350 support zone could open the door for a further decline towards $335 support in the coming sessions.

The 4-hour RSI is moving at 63 area, showing an uptrend, indicating that the Ethereum price continues to rise.