Ethereum Price Analysis: ETH/USD rebounds after three-day slump, closes in on $400
- Ethereum is posting modest daily gains on Saturday.
- $430 aligns as the next target if ETH/USD breaks above $400.
- $365 is likely to continue to support Ethereum.
Ethereum closed the previous three trading days in the negative territory and dropped to a 10-day low of $373 on Friday. Supported by the upbeat mood surrounding major cryptocurrencies, especially Bitcoin, Ethereum gained traction on Saturday and started to erase this week's losses. As of writing, ETH/USD was up 1.4% on the day at $388.
Ethereum technical outlook
With this recent climb, Ethereum seems to have moved above the 20-day SMA and the RSI indicator on the daily chart rose above 50, suggesting that it could continue to edge higher in the near-term. On the upside, key resistance aligns at $395/$400 area (Fibonacci 38.2% retracement of August-September uptrend/psychological level). A daily close above that area could bring in more buyers and allow ETH/USD to test $420 (October 22 high) and $430 (Fibonacci 23.6% retracement).
Supports, on the other hand, could be seen at $377 (100-day SMA) $370 (50-day SMA) and $365 (Fibıonacci 50% retracement).
ETH/USD daily chart
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
