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Ethereum Nosedives From $415, But Technicals Suggest Uptrend Isn’t Over Yet

Ethereum Nosedives From $415, But Technicals Suggest Uptrend Isn’t Over Yet
Ethereum rallied more than 5% and broke the $400 resistance against the US Dollar. ETH price retreated sharply from $415, but technicals suggest uptrend remains intact above $340.

ETH price surged above the $380 and $400 resistance levels against the US Dollar.
There was a strong bearish reaction from the $415 level and the price dumped more than $50.
There are two key bullish trend lines forming with support near $365 and $340 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to recover and rise above $380 as long as it is trading above $340.

Ethereum Price is Correcting Gains
In the past few days, there was a strong increase in Ethereum above the $300 and $320 levels against the US Dollar. ETH price even broke the $350 resistance and settled well above the 100 simple moving average (4-hours).
The upward move was strong and ether surged above the $380 and $400 levels. The price traded to a new multi-moth high near the $415 level and it is currently correcting lower. There was a sharp bearish reaction from the $415 swing high and the price dropped more than $50.
There was a huge spike below the $350 support level . The price even dumped below the 50% Fib retracement level of the recent surge from the $316 swing low to $415 high. However, ether remained well bid near the $300 support level and the 100 simple moving average (4-hours).

Ethereum price trades above $400. Source: TradingView.com
It traded close to the 1.236 Fib extension level of the recent surge from the $316 swing low to $415 high. More importantly, there are two key bullish trend lines forming with support near $365 and $340 on the 4-hours chart of ETH/USD.
The pair is currently recovering and it is back above the $350 level. An initial resistance is near the $380 level, above which the bulls may perhaps push the price above $400. A daily close above the $400 level could lead the price towards the $420 and $432 levels in the coming days.
Downsides Limited in Ether (ETH)?
If Ethereum remains below the $400 and $380 resistance levels, there could be more downsides. The first major support is near the $340 level, below which the price might struggle in the short term.
The next major support is near the $305 and $300 levels (the recent breakout zone), below which the bears are likely to target an extended correction towards the $280 support level.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $340
Major Resistance Level – $380

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