Ethereum price analysis: Bounces off the trendline support, may rally further

ETH/USD finds support at the trendline.
Oversold RSI may lend further support to the bounce.

Manoj B Rawal Independent Analyst

Ethereum, which managed to bounce on Friday after a lacklustre week as broader crypto sell-off crippled all the digital currencies, continued its price surge over the weekend as it finds support at the falling contracting trendline channel that has all the features of a falling wedge.

ETH/USD was up around 2 percent at $400.54, after reaching highs of as much as $421.40. Comfort for the bulls comes from the trendline channel support around $350-360 levels. Also oversold RSI on the daily charts lend some helping hand.

Immediate support is now around $389 and $368 levels while resistance stands firmly around $415 and $436 levels.

ETH/USD daily chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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