Ethereum Price Technical Analysis – ETH/USD To Correct Further
Hi Guys,
Let me share with you quite interisting Technical Analysis regarding the currnet state of ETH.
Ethereum price correction looks real against the US Dollar and Bitcoin, and ETH/USD may continue to move up and down towards $300 for some time.
Key Highlights
There was a sharp decline in ETH price below $280 against the US Dollar before finding support at $256.
There is a bearish trend line with resistance at $338 formed on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair may continue to correct lower as long as there is no close above the $350 level.
Ethereum price correction looks real against the US Dollar and Bitcoin, and ETH/USD may continue to move up and down towards $300 for some time.
Ethereum Price Support
In yesterday’s analysis, we saw a major decline in ETH price below $360 against the US Dollar. The price broke a cluster of bullish trend lines with supports at $360, $350, $325 and $310. The decline was such that the price even broke the $300 handle and traded towards $260. A new low was formed at $256 from where a recovery was started. The price moved above the 23.6% Fib retracement level of the last decline from the $389 high to $256 low.
However, the upside move remains capped by $335-340. There is a bearish trend line with resistance at $338 formed on the hourly chart of ETH/USD. It already failed to break the 61.8% Fib retracement level of the last decline from the $389 high to $256 low. Above the bearish trend line, the 100 hourly simple moving average at $350 is positioned. So, we can say there are many resistances on the way up near $$330 and $350. Any movement towards $340 may face selling pressure.
It looks like the price may continue to correct lower in 2-3 waves. On the downside, the $300 handle and then $360 support may play a major role in the near term.
Hourly MACD – The MACD is now flat and signaling correction pattern.
Hourly RSI – The RSI is moving just near the 50 level.
Major Support Level – $260
Major Resistance Level – $340
credits
http://www.newsbtc.com
So what do you guys think will it go UP or DOWN?
I think ethereum needs more pause time for making new uptrend, @valhalla-hash. :)
I think the same, the growth was too fast even with those panic corrections. We will see how it goes after 1.8.