- ETH price after setting a high against the US Dollar moved down and traded below the $13.60 level.
- Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to open the doors for more losses.
- My suggestion to stay alert yesterday was correct, as the price corrected lower sharply.
Ethereum price after making a new high versus the US Dollar created a top and started moving lower. More losses to follow?
Ethereum Price Correction
Ethereum price recently posted a high of $14.25 against the US Dollar where sellers appeared and protected any further gains. I cautioned yesterday stating that the price is in the overbought territory and may move down soon. The price did correct lower and broke not only the $14.00 handle, but also closed below the $13.60 support area.
During the downside move, there was a break below yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. Moreover, the price cleared the 23.6% Fib retracement level of the last wave from the $12.01 low to $14.25 high. However, the downside found support near the 100 hourly simple moving average. Furthermore, the 50% Fib retracement level of