- ETH after struggling to clear a major resistance area against the US Dollar moved down.
- There is a chance that the ETH/USD pair is forming a double top pattern on the hourly chart (data feed via SimpleFX).
- If the current trend remains intact, there is a possibility of a test of the 100 hourly simple moving average.
Ethereum price ETH might have made a short-term top against the US Dollar, and may correct lower in the near term.
Ethereum Price Correction
Ethereum price ETH tested the $12.65 level a couple of times against the US Dollar during the past few sessions, but failed to break it. The ETH bulls failed to break the stated resistance area, and as a result there was a downside move. Yesterday’s highlighted short-term bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was also broken during the downside move.
Moreover, the price closed below the 38.2% Fib retracement level of the last leg from the $10.85 low to $12.66 high. So, there is a chance of an extension of the current correction. One important point to note is that the price may be forming a double top pattern around $12.65. There were two rejections around