Ethereum nosedived from the $370 resistance zone against the US Dollar. ETH price is currently correcting losses from $345, but it is likely to face sellers near $355.

Ethereum remained steady above the $355 resistance level and it even climbed above $365. However, ETH bulls failed to gain strength above the $370 level.

A high was formed near $372 and there was a sharp decline in ether price. There was a break below the $365 and $360 levels. The bears gained control and there was a break below a crucial bullish trend line with support near $356 on the hourly chart of ETH/USD.

The pair even spiked below the $350 support and settled below the 100 hourly simple moving average. A low is formed near the $345 level and ether is currently correcting higher. There was a break above the 23.6% Fib retracement level of the recent decline from the $372 swing high to $345 low.

The price is currently struggling to surpass the key $355 level (support turned resistance). The next key resistance is near the $356 level and the 100 hourly simple moving average.

The main resistance seems to be forming near the $358 level. It is close to the 50% Fib retracement level of the recent decline from the $372 swing high to $345 low. A successful break above the $355 resistance and then a follow up move above the $358 level is needed for a fresh increase.

If Ethereum fails to clear the $355 resistance, there are chances of more losses. An initial support on the downside is near the $350 level,

The first key support is near the $345 low, below which the price could slide towards the $335 level. Any further losses may perhaps lead the price towards the $320 support in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly recovering in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting higher and it is above the 40 level.

Major Support Level – $345

Major Resistance Level – $358

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