Technically, the 2-hour chart indicators are moving higher after retreating once in the bullish territory.
Will Ether's Price Soon Break $372?
There were further gains in ETH/USD above $360.00, but the $372.00 resistance acted as a major hurdle. A new monthly high was formed at $372.91 before the pair declined sharply below $360.00.
Looking at the 30-minute chart of ETH/USD, the pair declined from $372.91 and broke a key connecting bullish trendline. The downside move was strong as there was a break below $360.00 and $355.00.
A low was formed at $350.71 where buyers protected further declines. Later, the pair started an upside move and was successful in breaking the 50 Fibonacci retracement level of the last decline from the $372.91 high to $350.71 low.
An ascending channel is forming on the same chart with current support at $365.00. It seems like Ether will most likely retest the $372.00 resistance area since the price is well above the 61.8 Fibonacci retracement level of the last decline from the $372.91 high to $350.71 low.
A break above the mentioned $372.00 is crucial for a push in Ether’s price toward $385.00 or even $400.00. Moving on to the 2-hour chart of ETH/USD, there are two important bullish trendlines forming with current support at $358.00.
These trendlines were able to protect further losses during the last decline from $372.91. Having said that, $370.00-372.00 is acting as a significant resistance and it has already protected an upside break on three occasions.
To sum up, ETH/USD has recovered well from $350.71, but the pair needs to surpass the $372.00 resistance to continue gaining bullish momentum.