Analytics / Forex and Crypto News
Since Sunday, the bears have twice tried to push the price of Ethereum below $370. As soon as the price falls below $380, the bearish pressure intensifies. However, the bulls have twice managed to defend the important support level around $355. They brought back Ethereum prices above $370 twice. And at the time of publication, Ethereum is trading at around $368.
On the hourly chart, the ETH/USD pair has formed a double bottom pattern with support at $350. Moreover, the price dropped below the 100-hour moving average and from September 13 was able to form a descending trend line with resistance at $370. Moreover, this downtrend coincides with the 100-hour moving average. Thus, the $370 level is a key resistance level that will determine the further movement of the ETH/USD pair.
If the ETH/USD pair rises above $370, it is likely to continue to rise further towards the $390 and $400 resistance levels.
If the ETH/USD pair fails to rise above the $370 mark, there is a risk of a new decline to the $350- $350 region. In case of a breakdown of this level down, the pair will continue to decline to the support area of $342, below which the price may return to the $330 zone.
In the current situation, traders should pay attention to two important levels: the support level of $355 and the resistance level of $370.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov