ETH/USD on its way to $400 facing only one major resistance level at $366

August 1, 2020 John Ethereum 0

  • ETH/USD is trading at $344 after more continuation above $330. 
  • Ethereum bulls are in full control even though many indicators are overextended.
  • The only real resistance level is located at $366.

Ethereum continues leading the way gaining another 3% and increasing its market dominance by 0.5% in the last two days. Ethereum’s dominance was around 9.7% in June 2020 and peaked at 12% on July 27, a significant raise. 

ETH/USD daily chart

Ethereum is obviously overextended but the demand is simply too strong. The next real resistance level is located at $366 and it’s the only strong point before $400. Considering the current bullish momentum, it’s hard not to see Ethereum cracking this level. 

Even at $400, which is a psychological level, there are really no other resistance levels nearby, mostly because Ethereum was crashing violently and bears couldn’t establish any resistance points. 

ETH/USD technical levels