- Ethereum price fails on all accounts to sustain gains above $400.
- ETH/USD path of least resistance remains downwards but support is envisioned at $390 and $381.
Ethereum has spent most of the time this week trying to bring down the resistance at $400. There have been instances where the crypto has made it above this seller congestion zone, however, buyers never managed to sustain gains above $415. The most recent spike traded a weekly high at $408 before giving way for the sellers to start wreaking havoc.
Meanwhile, ETH/USD is trading at $397 at the time of writing. Dominating the market is the ongoing selling pressure. It is apparent that gains above $400 are unlikely in the current session. There could be a reversal above this level if ETH/USD establishes support above the 50 SMA ($393.49).
For now, the path of least resistance is downwards, especially with the technical indicators sending out negative signals. The RSI is almost diving under the midline while the Elliot Wave Oscillator has commenced a new bearish session.
If support at the 50 SMA fails to hold, the 100 SMA at $388.24 would come in handy. However, if losses make it past $380 expect the price to free-fall to $360 and $340 respectively.
ETH/USD price chart
 (2)-637322779399496724.png)
Ethereum confluence levels
Resistance one: $398.46 – Highlighted by the Bollinger Band 15-mins lower curve, the SMA 100 15-minutes, and the previous low 15-minutes.
Resistance two: $402.58 – Home to the Fibonacci 23.6% one-day.
Resistance three: $410 – Hosts the previous high 4-hour and the previous high one-day.
Support one: $390.22 – Highlighted by the previous low 4-hour, the pivot point one-month resistance one and the Bollinger Band 1-hour lower curve.
Support two: $381.97 – As shown by the previous low one-day and the pivot point one-week resistance two.
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