Ethereum topped near the $370 resistance and declined sharply against the US Dollar. ETH price is showing bearish signs below $355 and it might continue to move down.
- ETH price started a fresh decline after it failed to clear $370-$375 against the US Dollar.
- The price is now trading below the $355 support and the 100 simple moving average (4-hours).
- There was a break below a major ascending channel with support near $355 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could correct higher, but upsides might be capped near $355 or the 100 SMA (H4).
Ethereum Price Breaks Key Support
This past week, Ethereum surpassed the $355 and $360 resistance level against the US Dollar. However, ETH price failed to gain bullish momentum above the $370 and $375 resistance levels. A high was formed near $372 and ether price started a sharp decline. It broke the $355 support level and the 100 simple moving average (4-hours) to move into a negative zone. There was also a break below a major ascending channel with support near $355 on the 4-hours chart of ETH/USD.Ethereum price settles below $355. Source:On the upside, there are many important hurdles for the bulls starting with $353. It is close to the 50% Fib retracement level of the downward move from the $372 high to $335 swing low.