Ethereum Price Analysis: ETH/USD Drops, Bearish Below $390
- The pair is currently correcting higher, but it is likely to face sellers near the $380 and $390 levels.
- The price is still between the 20 days Moving Average and the lower band of the Bollinger Bands confirming that the market is still bearish.
- RSI is 23 and it’s showing that the downtrend may slow down for the short term as well as the Support of 362$ is very close.
On top of that, the MACD line just crossed the Signal one so we might see a bounce back towards 381$ (Resistance 1) or 389$ (Resistance 2) in extension.
If it fails to recover and breaks the $370 support area, it could accelerate losses towards the $350 level.