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Ethereum Could Rally Sharply As Double Bottom Pattern Emerges

Ethereum Could Rally Sharply As Double Bottom Pattern Emerges
Ethereum declined recently, but it stayed above the key $355 support against the US Dollar. ETH price is likely to accelerate higher as it seems like a double bottom pattern is forming near $355.

Ethereum declined below the $370 support, but it stayed above the $355 support.
The price holding the main $355 support, but it is below the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance near $370 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $355 support level to start a fresh rally in the near term.

Ethereum Price Likely Forming A Key Bottom
In the past three sessions, Ethereum faced an increase in selling pressure below $375. ETH price broke the $370 support zone and it even settled below the 100 hourly simple moving average.
However, the bulls were able to protect the key $355 and $350 support levels. A low is formed near $355 and the price is currently consolidating losses. It seems like there is a double bottom pattern forming with support near $350.
On the upside, an initial resistance is near the $362 level or the 23.6% Fib retracement level of the recent decline from the $384 high to $355 low. The main hurdle for ether price is near the $370 level.

Ethereum price trades below $370. Source: TradingView.com
There is also a connecting bearish trend line forming with resistance near $370 on the hourly chart of ETH/USD. The trend line coincides with the 100 hourly simple moving average and the 50% Fib retracement level of the recent decline from the $384 high to $355 low.
A successful close above the $370 resistance might validate the double bottom pattern. In the stated case, the price is likely to continue higher towards the $390 and $400 resistance levels in the near term.
Downside Break in ETH?
If Ethereum fails to clear the $370 and $375 resistance levels, there is a risk of a downside break. The main support is near the double bottom zone at $355 and $350.
If there is a downside break below the $350 support zone, ether is likely to continue lower. The next major support is near the $342 level, below which the price might revisit the $330 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently just above the 40 level.
Major Support Level – $355
Major Resistance Level – $370

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