Ethereum Price Technical Analysis – ETH Testing Important Support

Key Highlights

  • ETH price after surging above the $12.00 handle against the US Dollar found sellers and moved down.
  • There is a minor bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is currently acting as a support.
  • The pair may either bounce or break the trend line for further declines.

Ethereum price after trading higher started a move lower against the US Dollar. Is this a correction or the price made a top?

Ethereum Price Correction

Ethereum price has enjoyed a decent upside ride against the US Dollar recently to trade as high as $12.12. However, the upside was limited and the price moved down once again. The downside move was sharp, as the price broke the 50% Fib retracement level of the last wave from the $11.15 low to $12.12 high. However, the price found support around the 100 hourly simple moving average, which holds a lot of importance in the near term.

Moreover, there is a minor bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. And, the 61.8% Fib retracement level of the last wave from the $11.15 low to $12.12 high is also around the trend line support. So, overall there is a major support forming near $11.50. As long as the price is above it, there is a chance of a bounce back.

Ethereum Price Technical AnalysisEthereum Price Technical Analysis

We need to see if the Ether buyers can step in or not. If there is an upside move, then the $11.80 can be seen as an initial resistance. Any further gains may easily push the pair towards the $12.00 handle in the near term.

Hourly MACD – The MACD is in the bearish zone, but may change the slope soon moving ahead.

Hourly RSI – The RSI is just below the 50 level, which is not a good sign.

Major Support Level – $11.50

Major Resistance Level – $11.80

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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