Ethereum bulls fighting to keep price above $375

ETH/USD price needs to clear resistance at $385 to maintain a positive outlook Ethereum’s price is at risk of dipping below $375, although the short term outlook features a potential recovery that could see its value touch levels above $400. After what looked like a meaningful upside that saw the price of Ethereum against the US dollar climb to highs of $384.5 yesterday, today’s action features a series of lower trades that threaten to sink the price further ahead of the launch of ETH 2.0.

“The 20.5% decrease in tokens on exchanges the past 2 months indicates price confidence by top Ethereum holders,” Santiment tweeted. As well, bulls will watch out for movements across the stock market where the outcome of the US stimulus talks and Election will likely play a big role in where markets trend short term If the bears retake the initiative and push prices down from around the $385 resistance level, bulls will need to defend gains at the immediate support line around $378.

Timeline of Ethereum