Ethereum Price Technical Analysis – ETH/USD Broke Short-term Support

Key Highlights

• ETH price struggled to remain above the $337 support zone against the US Dollar and moved down.
• There was a break below a key bullish trend line with support at $332 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price might continue to correct lower and could even retest the last swing low of $317.

Ethereum price is losing grip against the US Dollar and Bitcoin. ETH/USD might correct lower towards $317 in the near term since it is below $332.

Ethereum Price Support

After a successful hard fork, there was no major upside move in ETH price above $340 against the US Dollar. The price remained below the $350 level and started a downside move. Initially, there was a break below the 23.6% Fib retracement level of the last wave from the $317.31 low to $350.52 high. It opened the doors for more losses below the $340 level. During the downside, there was a break below a key bullish trend line with support at $332 on the hourly chart of ETH/USD.

The pair even broke the 50% Fib retracement level of the last wave from the $317.31 low to $350.52 high. Later, it settled below $325 and the 100 hourly simple moving average. At the moment, the price is trading just above the 76.4% Fib retracement level of the last wave from the $317.31 low to $350.52 high. Therefore, there are chances of ETH testing the last swing low of $317 once again.

Below $317, sellers may look to take control. The price could even move toward the $308 support zone. On the upside, the broken support at $332 would now serve as a resistance along with the 100 hourly SMA.

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI – The RSI is well below the 50 level and heading lower.

Major Support Level – $317

Major Resistance Level – $332

 

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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