- 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,