- Ethereum price is nursing declines below $400, but $365 support appears to hold pretty well.
- The least resistance is still to the upside, but the buyers are saying ‘no more’ to the bears.
Ethereum price has fallen victim to the selloff in the cryptocurrency market on August 7/8. Like many cryptocurrencies, Ethereum embarked on an upward roll in July that saw it change hands above $500. Although, ETH/USD reverse trend below $500, it remained range-bound between the upper limit at $480 and the lower limit at $440. August, on the other hand, began with overarching declines where Ethereum broke the support at $420 and the latest slump has pushed the crypto below $400.
The short-term support at $380 also gave in to selling pressure, but the buyers found a balance at $365. Ethereum is still nursing declines, besides it is apparent that the least resistance is to the downside. The trend on the chart is bearish while the stochastic is advancing into the oversold to confirm that the bears have the control. The support at $365 must continue to hold, but the buyers must push for a pullback above $370 to avoid further breakdown below $360.
On the upside, the 23.6% Fibonacci retracement level between the highs of $518.09 and the lows of $364.96 at $400 is the critical resistance. However, before that, the short-term resistance at $380 must be overcome.
ETH/USD 4-hour chart
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