Technically, the 2-hour chart indicators are placed with a slightly negative angle in the bearish territory.
Could ETH/USD Bounce Toward $400?
There were further losses in ETH/USD as the pair failed to stay above the $381.00 support. It traded lower and tested an important support area near $365.00, which held declines.
On the other hand, there are a few bullish signs emerging on shorter timeframe charts of ETH/BTC, though the pair has to gain pace toward the 0.0580BTC level to confirm a positive bias.
On the 2-hour chart of ETH/USD, the pair tested a crucial support around $365.00, which it held before starting an upward correction. It tested the 23.6 Fibonacci retracement level of the last drop from the $319.38 high to $367.26 low.
However, there are many hurdles ahead, beginning with $385.00 on the 30-minute chart. Above $385.00, the next resistance is close to the 50 Fibonacci retracement level of the last drop from the $419.38 high to $367.26 low at $394.00.
A successful close above the $394.00 resistance could clear the path toward the range resistance at $420.00, but $400.00 might be an intermediate psychological hurdle for Ether buyers.
On the flip side, a rejection from the $394.00 resistance may perhaps increase bearish pressure on ETH/USD, which would most likely retest the $365.00 support.
Overall, the $360.00-365.00 support zone holds a lot of importance and Ether’s price must stay above it to overcome the current bearish pressure.