RATE Group | Ethereum Price Analysis: ETH/USD Consolidating Below $370
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Ethereum Price Analysis: ETH/USD Consolidating Below $370

10 Aug Ethereum Price Analysis: ETH/USD Consolidating Below $370

Posted at 07:07h in Ethereum News by

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Key Highlights

  • ETH price started a minor upside correction and traded above the $362 level against the US Dollar.
  • There is a key contracting triangle forming with support near $356 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to stay above the $356 and $352 support levels to move past $368 and $370 resistances.

Ethereum price started a consolidation against the US Dollar and bitcoin. ETH/USD must break the $370 resistance to test the next hurdle at $379.

Ethereum Price Resistances

After trading as low as $347.72, ETH price started a minor upside move against the US Dollar. The ETH/USD pair moved a few points above the $355 level and also cleared the $362 resistance. There was also a break above the 23.6% Fib retracement level of the last key drop from the $410 high to $348 swing low. However, the upside move faced sellers near the $370-371 resistance zone.

The price moved down once again and is currently trading near the $360 level. On the downside, there is a…

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