After the price of Ethereum rose above the resistance level of $375 yesterday, it accelerated its growth and was able to approach the mark of $385, which became its resistance level. The bears did not allow the bulls to develop their growth and returned the price of Ethereum below the previous resistance level of $375. At the time of publication, the pair ETH/USD is trading at around $370.
On the 4-hour chart, the pair ETH/USD continues to form a downward channel with resistance around $382 and support around $357.
Despite today's decline, the pair ETH/USD is trading above the 100 moving average, which provides support for the pair at $365.
If the bears manage to push the Ethereum’s price below $370 today, we will see a decline towards $365. In case of a breakdown of this level, the pair will continue to decline to the lower border of the trading channel.
On the other hand, the main resistance for the pair ETH/USD remains the level of $385. In case of a breakdown, the pair will face new resistance around $390.