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Ethereum Price Technical Analysis – ETH/USD Short-term Correction


Ethereum price is currently correcting lower against the US Dollar and Bitcoin. ETH/USD made a short-term top near $339.98 and heading towards $315.

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Key Highlights

  • ETH price after trading as high as $339.98 faced sellers against the US Dollar and started correcting lower.
  • There was a break below an ascending channel with support at $333 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to decline and it is most likely to retest the $318-315 support.

Ethereum price is currently correcting lower against the US Dollar and Bitcoin. ETH/USD made a short-term top near $339.98 and heading towards $315.

Ethereum Price Support

There was a nice upside move in ETH price above the $335 level against the US Dollar. The price traded as high as $339.98 where it faced sellers and later started a short-term correction. It seems like the price is currently in the second wave from the $275.30 low. During the recent downside move, it broke the $330 support area. Moreover, an ascending channel with support at $333 on the hourly chart of ETH/USD was also cleared.

At the moment, the pair is trading near $327 and the 100 hourly simple moving average. Moreover, the 23.6% Fib retracement level of the last wave from the $275.30 low to $339.98 high is at $324. Having said that, there is a chance of an extension towards the $315 level. It is a major support and the 38.2% Fib retracement level of the last wave from the $275.30 low to $339.98 high. Any further slides might pressurize buyers and the price could test $308.

The $308 support is also near the 50% Fib retracement level of the last wave from the $275.30 low to $339.98 high. As long as the price stays above $308, it is likely to recover in the near term.

Hourly MACD – The MACD is reducing its bullish zone.

Hourly RSI – The RSI has just moved below the 50 level and showing short-term negative signs.

Major Support Level – $308

Major Resistance Level – $340

 

Charts courtesy – SimpleFX

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