Ethereum’s short term technical outlook is bullish with the price recovery from $353. ETH/USD is heading into a cluster of resistance, as highlighted by on-chain metrics. Ethereum whales start to offload their holdings, hinting a possible breakdown to $330. Ethereum is still trading within an ascending channel despite the recent rejection at $390. The losses extended below $360 tentative support to $353 last week, but recovery ensued with ETH/USD recovery the some of the lost ground above $360. However, the upside is still limited under $370. The RSI shows the smart contract token falling into consolidation, especially with the Relative Strength Index (RSI) in the 6-hour timeframe at the midline. The ascending channel support must be supported at all costs because a slide under it could see Ether quickly refresh the support levels at $340. ETH/USD 6-hour chart Ethereum development activity hits 7-month high – Santiment’s on-chain data shows According to on-chain data analyzed by Santiment, a leading blockchain data analytics platform, Ethereum Github activities have continued to spike, even hitting a 7-month high. Perhaps this is as a result of the developments within the Decentralized Finance (DeFi) ecosystem. Moreover, Ethereum is still the go-to platform for smart contracts development, launch, and execution. Besides, the activities could also be fueled by the ERC-20 and other token standards within the network. @santimentfeed is indicating that #Ethereum is reaching #Github development rates not seen since February (a 7-month high)!$ETH continues to make its case as the most highly innovative network in #crypto, including the many ERC-20’s under its umbrella. https://t.co/QcE1g1xeOK pic.twitter.com/25H7E83Ooj — Santiment (@santimentfeed) September 13, 2020 Ethereum nurtures the bullish case to $400 After recovery above $360, Ethereum bulls are not ready to give up on the mission to trade above $400. The 4-hour chart shows the price trading above the 50 Simple Moving Average (SMA) while the Relative Strength Index (RSI) recovers. Price action past the short term resistance at $370 would help shift the bulls’ focus to the next critical seller congestion zone at $380. The 100 SMA at $387 is also a formidable resistance that must come down for gains beyond $390 to materialize in line with the grand plan of breaking over $400. ETH/USD 4-hour chart The hourly timeframe chart emphasizes Ether’s developing bullish case within an ascending channel. Without a doubt, recovery will not come easy, especially with the price trading under the moving averages (the 100 SMA holding the ground at $370 and 50 SMA at $373.37). The RSI has improved to the midline from a dip into the oversold on September 13. There is a possibility of a leveling motion at 50 (midline), which would signal consolidation taking over. ETH/USD 1-hour chart Ethereum fundamental analysis Data by IntoTheBlock highlights the tough resistance Ethereum will face going towards $400. If the initial hurdle between $368 and $378 is broken, the run-to $400 not be simple considering the 1.14 million addresses that previously bought 2.6 million ETH between $378 and $389. Also, another 920,600 addresses bought 1.51 million ETH in the range between $389 and $400. It means that buyers must work extremely hard to outdo the selling pressure towards $400. On the downside, initial support between $355 and $366 may not be strong enough to keep the sellers in check mainly because the 408,990 addresses profiting from the 3.05 million ETH purchased in the range. The primary support lies between $334 and $345, where 605,710 addresses stocked up 1.33 million ETH. IntoTheBlock IOMAP chart According to Santiment’s ETH holder distribution, whales are currently selling the token. For instance, addresses with ETH between 1,000 and 10,000 coins have reduced their coins from 6,597 on September 5 to 6,505 on September 11. Those addresses holding coins between 10,000 and 100,000 also sold within the same period from 982 to 966 ETH. ETH holder distribution From the above data, Ethereum could abandon the bullish case to $400 in favor of a drop to $334 support. However, it is essential to realize that buyers are not ready to give up without a fight, hence keeping ETH within the initial support $355- $366 until a clear path to $400 is established. The bearish outlook is also confirmed by the move made by the whales to offload their coins. In other words, the largest holders of Ethereum expect the price to go lower in the near term. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next EUR/JPY Price Analysis: Mildly offered inside a triangle above 100-HMA FX Street 1 year Ethereum's short term technical outlook is bullish with the price recovery from $353. ETH/USD is heading into a cluster of resistance, as highlighted by on-chain metrics. Ethereum whales start to offload their holdings, hinting a possible breakdown to $330. Ethereum is still trading within an ascending channel despite the recent rejection at $390. The losses extended below $360 tentative support to $353 last week, but recovery ensued with ETH/USD recovery the some of the lost ground above $360. However, the upside is still limited under $370. The RSI shows the smart contract token falling into consolidation, especially with the Relative… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.