Ethereum Price Technical Analysis – ETH/USD Correction Over?

Key Highlights

• There a dip in ETH price recently, as it corrected towards the $77 level against the US Dollar.
• Yesterday’s highlighted two bullish trend lines with support at $83.00 on the hourly chart (ETH/USD, data feed via SimpleFX) were broken.
• The price after finding support around the $77 level started moving higher once again.

Ethereum price corrected a few points against the US Dollar, and now it looks like the ETH/USD pair is back up and may trade higher once again.

Ethereum Price Resistance Zone

In yesterday’s analysis, we saw a resistance band near $85 in ETH price against the US Dollar above $75. The price failed to break the $85-87 level, and started a downside move. During the downside move, it broke the 50% Fib retracement level of the last wave from the $76 low to $87.31 high. It opened the doors for more declines, and the price traded close to the last swing low at $76.90.

It also broke yesterday’s highlighted two bullish trend lines with support at $83.00 on the hourly chart of ETH/USD. However, the stated $77 support acted as a barrier and prevented further declines. The price is now back up, and already above the 38.2% Fib retracement level of the last decline from the $87.31 high to $76.90 low. It is a positive sign and means that price could retest $85.

At the moment, the 61.8% Fib retracement level of the last decline from the $87.31 high to $76.90 low at $83.40 is acting as a resistance. So, there is a chance of a dip back towards $80-81 before the price gains pace. On the upside, the $85-87 resistance zone remains a major hurdle for buyers.

Hourly MACD – The MACD is now in the neutral area.

Hourly RSI – The RSI is currently just above the 50 level.

Major Support Level – $82.00

Major Resistance Level – $87.00

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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