Ethereum shot to $395 earlier this week before sellers took control, driving the price down to $380 lows over the past two days. The ETH/USD pair has formed a pattern of lower highs and lower lows sin
Ethereum shot to $395 earlier this week before sellers took control, driving the price down to $380 lows over the past two days. The ETH/USD pair has formed a pattern of lower highs and lower lows since breaking through the 50-hour simple moving average and dipping to $374. Prices have bounced slightly from the lows.
Ethereum has reclaimed its 50-day simple moving average. The 100-hour SMA provides support around $377. If sellers return with force, bulls need to defend this level.
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The pair currently trades above $381, positioning itself near the 71.6% Fibonacci retracement from the recent range between $395.44 (high) and $374.19 (low). For buyers to spark a new uptrend, they must break through $385—the 50% Fibonacci retracement. A successful break would target $390 next, with $400 possible beyond that.
On the downside, support sits at $377. Should buyers fail to defend here, a break of the weekly low could send Ethereum down to $367.
The technicals remain conflicted. The MACD shows hidden bullish divergence, which normally supports an upside move. But the flat RSI offers no momentum, leaving bulls unable to generate conviction in near-term timeframes.
Ethereum's on-chain metrics tell a more positive story. The Network Value to Transactions ratio measures the token's health by dividing market cap by daily transaction volume. This indicator has logged a bullish divergence for the sixth straight month. Santiment's data confirms the metric has been positive in seven of the past eight months, with the timeline stretching back to March 2020. Ethereum traded around $134 then. From that point, the token has advanced 187%.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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