- Ethereum price finally managed to climb back up to $400 around August 1st.
- After trying to breach it for a better part of the month, ETH finally did it, going up to $440.
- However, a bearish wave pushed the price below $400 once more, and the coin is now trying to rise above it.
Ethereum price is once again back at $400, after previously seeing a minor price rejection. The coin has previously exceeded this level some 10 days ago, when it hit its YTD high. Now, however, with the crypto market once again trading in the green, the second-largest crypto might finally make a new high.
Ethereum hits $400 in early August
Ethereum price continues to struggle with the resistance level at $400, which it originally reached around a month ago, on August 1st. Since this date, the price has made numerous attempts to breach the resistance, constantly suffering small corrections.
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One exception took place on August 13th, when the price managed to breach the resistance and go to a new high of $438. However, the growth was stopped by a smaller resistance level at $440.
After a slight price rejection, ETH attempted to breach this level for two more times, before finally being sent back down. After hitting $400, it seemed like the resistance was successfully turned into a support, and that it might hold the coin from sinking further.
Unfortunately, the bearish wave was quite strong, and it managed to push the price below the support.
A struggle to breach $400 continues
After breaking it on August 21st, the $400 level once again turned into a resistance that has been holding ETH price down ever since.
The coin did make one more attempt to breach it, even doing so briefly around August 24th, although it did not manage to get far, only hitting $408 before being pushed back down.
After a few days at a smaller support at $385, ETH is now participating in a new rally that once again took it up to $400. Whether or not it will manage to breach it or the third time this month still remains to be seen.
Conclusion
Ethereum price displayed strong potential over the past month, after reaching the resistance at $400. As investors rushed to buy ETH, the price even went up to $440. However, the price was pushed back down in a new bearish wave, and is now once again trying to breach the resistance at $400.