Lorenzo Stroe
Independent Analyst
- Ethereum is trading at $388, right above a crucial resistance level at $385.
- Many ETH fundamentals are currently bullish and will help the digital asset.
A few hours ago, we posted an article about Ethereum and its vital fundamental metrics. ETH was trading at around $380, right below a significant resistance level at $385, which has broken now.
Ethereum's In and Out of the Money data
Source: IntoTheBlock
The next critical resistance point is $390, but the IOMAP chart clearly shows there is practically no resistance even until $433.
ETH/USD daily chart
-637359644917123040.png)
The smart contracts giant is close to breaking out of the triangle pattern but will also run into the 50-MA resistance level at $390.7 and the high of $390.43. The amount of resistance above $390 is still reasonably low since we reported it, which means bulls have a clear way into $400 and above.
ETH/USD 4-hour chart
-637359645061821703.png)
Ethereum seems to breaking out as well after cracking the $385 level; however, there is still some resistance ahead at $390. This resistance level is also close to the 200-MA at $391.94. It’s certainly not surprising seeing Ethereum move up as the number of whales has been increasing since September 10, as we saw this morning.
On the other hand, a clear rejection from $390, forming a double top could be the spark that bears need to take the lead and push Ethereum back to $355.
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