Ethereum price analysis: ETH/USD recovers from critical $400; as Ethereum users will now have high-level internet domain name

At the time of writing, ETH/USD is trading at $411, off the critical $400 handle. The coin is up 1.6% since this time on Sunday and mostly unchanged since the beginning of Monday. The second largest coin with a market value registered at $41.8B was spared a steep decline despite Bitcoin sell-off.

Ethereum users now will be able to attach their wallet addresses to a high-level internet domain name, which will make it much easier to remember the identifiers linked with their services. THis has become possible due to Ethereum Name Service (ENS) and Minds + Machines Group partnership.

"We're very excited to be helping advance integration between existing DNS-based name services and the Ethereum Name Service, improving usability for blockchain applications and users," ENS lead developer Nick Johnson explained in an official statement.

The coin has settled above $400 handle, which serves as a formidable support area. Considering several strong technical levels clustered around $400, including 38.2% Fibonacci retracement level (daily), last month's and last week's low, bears will have a hard time pushing the coin lower. However, once this area is cleared, the sell-off may be extended towards $353 (2018 low) with little in terms of supports on the way down. 

On the upside, the ultimate bull's goal is $40 (78.6% Fibo retracement); however, they will have to clear $430 first (200-SMA, 1-hour chart and 50-SMA, 4-hour chart).

ETH/USD, the daily chart