Ethereum Price Technical Analysis – ETH/USD Completed Correction

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Key Highlights

  • ETH price after correcting towards $315 against the US Dollar faced resistance and started declining once again.
  • There was a break below a bullish trend line with support at $297 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price has breached the last swing low of $281, which is a bearish sign in the short term.

Ethereum price failed to hold gains and momentum against the US Dollar and Bitcoin. ETH/USD is now below $290 and eyeing further declines.

Ethereum Price Decline

Yesterday, we saw how there was a decent bounce back in ETH price towards the $315 level against the US Dollar. The price traded as high as $315.14 and later faced heavy offers. The price failed to move above $317 and a bearish trend line on the hourly chart of ETH/USD. A new bearish wave was initiated from $315.14 and the pair moved below the $306 support area.

The recent decline is disappointing and shows that the last wave up to $315 was only a correction. At the moment, the price is trading well below the 100 hourly simple moving average and $290. During the downside move, there was a break below a bullish

Read more ... source: TheEthereumNews

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