Ethereum Price Analysis: ETH/USD fails to reclaim $400

ETH/USD recovered small portion of weekly losses on Saturday.
$400 aligns as critical resistance for Ethereum in short-term.

After losing 6.7% on Friday, Ethereum (ETH/USD) extended slide on Saturday and touched its lowest level in nine days at $379.50. Following that drop, the pair staged a rebound in the second half of the day and closed with a gain of nearly 2%. However, the pair failed to climb above $400 and started to erase Saturday's recovery gains. As of writing, the pair was down 1.65% on a daily basis at $389.10.

Ethereum technical outlook

Ethereum closed the second straight day below the 20-day SMA on Saturday and the Relative Strength Index (RSI) on the daily chart is testing 50, suggesting that sellers are looking to remain in control of the price action.

On the downside, $365 (Fibonacci 38.2% retracement of late-July to mid-August uptrend) could be seen as the next important support ahead of $340 (Fibonacci 50% retracement) and $325 (100-day SMA). Resistances, on the other hand, are located at $400 (psychological level/Fibonacci 23.6% retracement), $405 (20-day SMA) and $420 (August 20, 21 high).

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.