Ethereum has back in the $300s range after briefly trading above $400. The tremendous price action occurred in tandem with Bitcoins surge above $12,000. Ripple also stepped above the critical $0.30. On the other hand, ETH/USD ascended to new 2020 highs above $400. A yearly high was traded at $416.48 (on Coinbase) before the devastating plunge occurred.

Ether is currently trading at $373.74 which is marginally above 2019 high at $361. Support at this level is expected to continue to hold as buyers focus on making the bullish case to $400. Resistance is expected at $380 but if broken, gains above $400 are likely to materialize.

Technically, Ethereum is in the hands of the bulls as seen with the RSI position above 70. The reversal from the levels above $400 is reflected in the RSI drop from 88 to 85. The Elliot Wave Oscillator is also in a bullish session, which means that gains will continue in the near term.

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Ethereum Price Forecast: ETH/USD plummets like dead weight in the air after hitting a one-year high at $400 - FXStreet