Forex and Crypto News

Ethereum's price is forming a double bottom

19:22 16 September /2020

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.

ethusd-16-september.jpg

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.

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