On the hourly chart of Ether against the US Dollar the bullish trend formed since Yesterday is still in function (at support $375).
There could be a little correction and range bound over the $370 mark before testing the major resistances again.
Ethereum Price against the US Dollar Targeting Major Surges
Not even in two days, with buying pressure Ethereum turned its back to flowing lower and traded above the $380 mark from $347. The highest it managed this time was $389.24 while it tested the major $390 resistance but struggled to overcome the barrier. There could be many tries until it breaks the resistance. It is right now trading lower than the 23.6 Fib retracement mark since the last flow ($365.51 to $387.27).
Over the $370 level a major support is being formed while yesterday was described with the support being made over the $375 level on the hourly chart of ETH/USD. With the chart floating close to the 38.2% Fib retracement mark since the last flow ($365.51 to $387.27), there are many indicators showing a descending channel up to $370.
So in general, before making any climbing move, the price will be correcting and hovering over the $370 level for quite a bit. First, a break over the $385 is needed to be on the go-zone for the next target – Higher than the last highest mark $389.24.
Hourly MACD – The MACD is still moving nicely in the bullish zone.
Hourly RSI – The RSI is moving lower towards the 50 level.