Veteran Analyst Announces The Next Level in Ethereum

Ethereum (ETH) started an increase above the $ 355 resistance against the US Dollar. Although ETH price tested the $ 380 resistance, it is currently trading at $ 375.

According to veteran analyst Aayush Jindal, ETH price started a strong uptrend, crossing the $ 355 resistance. The price approached the $ 380 resistance. However, ETH 100 settled above the simple moving average (4 hours).

Showing Bull Signs

After a short fight, Ethereum managed to pass several major hurdles around $ 350 and $ 355 against the US dollar. The ETH price climbed above the $ 355 resistance and the 100 simple moving average (4 hours) to move into a positive zone (similar to the case of Bitcoin over $ 11,000).

More importantly, there was a break above a major bearish trend line with resistance near $ 354 on the 4-hour chart of ETH / USD. Ether price rose above $ 20 and even broke the $ 370 resistance. It faced a strong resistance near the $ 380 level (multitouch zone). A new monthly high has formed around $ 379 and the price is currently correcting the increases. There was a break below the $ 375 and $ 370 levels. Initial key support is near the $ 368 level.

The 23.6% Fib retracement level of the recent rise from the $ 335 low to $ 379 is also near the $ 368 level. If there is a downside break below the $ 368 support zone, the ETH price is likely to fall towards the $ 355 support.

ETH Could Go Up to $ 400

On the upside, the $ 380 level is another breakout zone. A clear break above the $ 380 resistance is likely to pave the way for more gains towards the $ 395 and $ 400 resistance levels in the coming sessions.

If Ethereum fails to clear the $ 380 resistance zone, it could begin a downside correction. Initial support for the bulls is near the $ 368 level. The main support is currently forming near the $ 355 level.