Ethereum Price Analysis: ETH/USD could push higher with a daily close above

Ethereum is posting modest daily losses near $380 on Saturday.
ETH/USD could gather bullish momentum with a daily close above $400.

Ethereum (ETH/USD) climbed higher toward $400 on Thursday but lost its traction and closed in the negative territory on Friday. On Saturday, the modest bearish pressure on ETH/USD remains intact and the pair was last seen losing 1.45% on a daily basis at $380.

Ethereum technical outlook

An ascending triangle seems to have formed on Ethereum’s daily chart. This formation is usually considered to be a bullish pattern when it’s seen within an active uptrend. Although this is not the case, the resistance line of the triangle seems to be coinciding with 50% Fibonacci retracement of early-September drop and the 50-day SMA, suggesting a break above that level could open the door for additional gains. $420 (Fibonacci 61.8% retracement) could be seen as the next target.

On the downside, the initial support aligns at $375 (Fibonacci 38.2% retracement/ascending line of the triangle). If Ethereum retreats to this area and confirms it as a support, it’s likely to retest $400 in the near-term. Below $375 the next support could be seen at $350 (Fibonacci 23.6% retracement).