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ETH Bears Hold Steady At $360 With Risks Of Downside Break

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ETH bears hold steady at $360, struggling to clear the level against the US Dollar as the ETH price shows bearish signs that could lead it lower than $350 as we can see in the latest Ethereum news.

ETH is still facing a heavy resistance near the $360 level with the price being stuck near the $355 support and the 100 simple moving average. There’s a new connecting bullish trend line that forms with support at $352 on the hourly chart of the pair and it will likely continue lower if it breaks the $352 level.

eth price
Ethereum price trades below $360. Source TradingView.com

ETH bears hold steady as the price remained stable above the $350 support level but it is still facing a heavy resistance near the $360 and the $365 levels. ETH started an upward movement from the $350 low and increased above the 100 hourly simple moving average. There was a break above the 23.6% fib retracement level from the downward move from the $369 high to the $350 low. However, the $360 resistance and the broken bullish trend line seems to be going into a stronger resistance for the bulls. The 50% fib retracement level of the downward movement at the $369 high to the $350 low which is acting as a resistance. The ETH price is now declining and trading near the $355 level.

eth daily
ETH 24-hour Price Chart (Source: Coingecko)

It seems that there’s a connecting bullish trend line forming with the support of $352 on the hourly charts of the pair so if it continues to move down and break the trend line support at $352 there could be even more risks of a bearish break. The next major support is close to the $350 level below which the bears will aim for a larger decline at the $335 support level in the near-term.

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If Ethereum manages to stay above the $352 support levels there are chances of the upside break. The initial resistance is close to the $360 level with a key resistance that could be near the $362 level above which the bulls could clear the level at the $365 resistance level. The hourly MACD is slowly moving back into the bearish zone while the hourly RSI is declining and is well below the 50 levels. The major support level is set at $350 while the major resistance level is set at $360.

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