Ethereum Technical Analysis: ETH/USD still fiddling with $400
- ETH/USD is currently trading at $397 while eying up the crucial $400 resistance level.
- Ethereum bulls are fighting hard to break $400 but there is a lot of selling pressure.
Ethereum is now facing a lot of resistance at $400, this level is now similar to the $250 resistance area that ETH used to face in June. We could easily see Ethereum trade sideways for the next few weeks before a clear breakout, however, considering the bullish momentum of the market, ETH is more likely to climb above $400 sooner than later.
ETH/USD daily chart
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Ethereum has been trading somewhat sideways for the past week consolidating after a massive bullish breakout. The most realistic scenario for Ethereum is to form an equilibrium pattern with a lower high and a higher low compared to $363. At the same time, considering the positive sentiment of the market, Ethereum could also just continue above $410 with a lot of bullish power.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
