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.
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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This article was originally published by Cryptocurrencynews.com. Read the original article here.
