- After a move towards $375, ETH price started correcting lower against the US Dollar.
- There is a connecting bearish trend line with resistance at $370 formed on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is holding an important support at $335 and the 100 hourly simple moving average.
Ethereum price is holding key supports against the US Dollar and Bitcoin, and ETH/USD may trade in a range above $335 for some time before the next move.
Ethereum Price Range
We witnessed a decent recovery from the $256.65 low in ETH price against the US Dollar. The price moved higher above the $340 and $350 resistance levels, and recently traded close to the $375 level. It faced sellers near $375, and started a correction. Actually, a connecting bearish trend line with resistance at $370 on the hourly chart of ETH/USD acted as a hurdle. It pushed the price below the 23.6% Fib retracement level of the last wave from the $256 low to $375 high.
At the moment, the price is holding a major support at $335 and the 100 hourly simple moving average. There is also a short-term bullish trend line just around $335. So,