Ethereum bulls fighting to keep price above $375

ETH/USD is at a crossroads. Sellers accelerated in today's session, pushing the price closer to $374. On the hourly chart, Ethereum sits above its 100-hour moving average but trades at the lower edge of the $373 to $384 swing high. The 50% Fibonacci retracement level sits around $380. Clearing the trend line at that level would confirm support there, opening the path toward $385. That $385 level presents formidable resistance. Traders need to watch whether buyers can crack it to reach the $400 zone.

Against Bitcoin, Ethereum's picture deteriorates. The token gained just under 1% against BTC over the past week but has shed 2.53% in the most recent trading. Bitcoin's direction will dictate how Ethereum trades in the near term.

Santiment, an on-chain analytics platform, found whale activity that suggests accumulation. The platform noted that Ethereum's top 10 whale exchange addresses "have continued swapping their funds to non-exchange wallets, and moving holdings at an impressive rate." Over the past two months, the volume of ETH sitting on exchanges dropped 20.5%, which Santiment said "indicates price confidence by top Ethereum holders."

For bulls, $370 offers some breathing room in the short run. If bears push below $378, expect target hunting around $365. Ethereum's path also depends on forces outside the technical picture. The stock market's mood, ongoing stimulus negotiations in Congress, and the presidential election all shape how traders approach risk assets through year-end.