Ethereum has started a steady decline from the $395 swing high against the US Dollar. Its price is now trading just above the main $360 support and the 100 SMA (H4). Ethereum price analysis shows a few bearish signs below $375 and $380 against the US Dollar.
It is still holding the $365 support and the 100 simple moving average (4-hours).
Ethereum price analysis: it is facing hurdles
Ethereum formed a major high near the $395 level and then started a steady decline against the US Dollar. ETH price broke the $380 and $375 support levels and moved into a short-term bearish zone.
Ethereum price tested the $360 level and it remained well bid above the 100 simple moving average (4-hours). A low is formed near $360 and the price is currently correcting higher. It is testing the $368 resistance level. The stated resistance is close to the 23.6% Fib retracement level of the major decline from the $395 high to $360 low.
there is a major declining channel forming with resistance near $372 on the 4-hours chart of ETH/USD. Above the channel resistance, the bulls can face hurdles near the $375 level.
The next major resistance is near the $378 level or the 50% Fib retracement level of the key decline from the $395 high to $360 low. A clear break above the channel resistance and then a follow up move above the $378 level could start a fresh increase. The next stop for the bullish trend could be near the $395 and $400 resistance levels.
If Ethereum fails to clear the $372 and $375 resistance levels, then it might continue to move down. The 100 simple moving average (4-hours) at $366 is really important.
A proper close below the 100 SMA (H4), followed by a break below the $365 support zone could spark a sudden and sharp decline. The next key support on the downside is near the $355 level.