- Ethereum value narrows below a descending channel forming a consistent lower high pattern.
- ETH/USD shallow retreat from $400 embraces support at $395; other lower support levels are $390 and $385.
Ethereum price brushed shoulders with $400 on Monday after a stable weekend session where the token contained price action above $380. The trading during the Asian session was particularly interesting with Ether rising above the opening value at $390 and testing the $400 critical level as reported in the Crypto Market News article.
At the time of writing, ETH/USD is trading at $395 following a shallow retreat. The price is holding above the moving averages. The 50 SMA is crossing above the 100 SMA to reinforce the presence of the buyers in the market.
Unfortunately, the barrier at $400 cut short the bullish grip that was growing. The reversal is reflected by the RSI as it falls gradually towards the midline. Support is likely to hold at 50 with consolidation taking precedence. The Elliot Wave Oscillator (EWO) is also printing a bearish session as bears flex their muscles.
Support at $395 is weak but key to the bulls because it would give them the balance they need as they stage another attack on $400. If broken, Ethereum will seek refuge at $390, $385 and $380 respectively. The action above $400 is needed by the bulls in order to encourage buyers to watch from the sidelines to join the market.
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