Key Highlights:

Ethereum (available on Coinbase) price recovered from its weekly low of $375, now stabilizing at around $385
A major resistance point has been set at $395
Although ETH/USD is on a downward trend, a bullish reversal could still materialize

Ethereum (available on Coinbase) Recovers From Weekly Low

On Monday morning, Ethereum (available on Coinbase) recovered from its weekly low of 375, and it is now trading at around the $385 price region. A major resistance level was established earlier today at $395, while the current support level is $380.

At the moment, ETH/USD is on a downward trend, but the coin is trading much below its 20-day moving average, so the decline may not last long. The candlestick patterns show that a bullish reversal is still likely to happen.

Source: Tradingview

The technicals also confirm that ETH is heading toward a bullish run. Both an MACD line crossover and an uptrending RSI mean that Ethereum (available on Coinbase) price is in a bullish zone. An RSI score of near 40 also shows that Ethereum (available on Coinbase) was oversold.

Looking at the Technical Indicators:

Hourly MACD & RSI — ETH is in a bullish zone
Major Resistance Level — $395
Major Support Level — $380

Featured Image: twitter

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