Ethereum Price Technical Analysis – ETH/USD Short-term …

Key Highlights

• ETH price after trading as high as $339.98 faced sellers against the US Dollar and started correcting lower.
• There was a break below an ascending channel with support at $333 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price might continue to decline and it is most likely to retest the $318-315 support.

Ethereum price is currently correcting lower against the US Dollar and Bitcoin. ETH/USD made a short-term top near $339.98 and heading towards $315.

Ethereum Price Support

There was a nice upside move in ETH price above the $335 level against the US Dollar. The price traded as high as $339.98 where it faced sellers and later started a short-term correction. It seems like the price is currently in the second wave from the $275.30 low. During the recent downside move, it broke the $330 support area. Moreover, an ascending channel with support at $333 on the hourly chart of ETH/USD was also cleared.

At the moment, the pair is trading near $327 and the 100 hourly simple moving average. Moreover, the 23.6% Fib retracement level of the last wave from the $275.30 low to $339.98 high is at $324. Having said that, there is a chance of an extension towards the $315 level. It is a major support and the 38.2% Fib retracement level of the last wave from the $275.30 low to $339.98 high. Any further slides might pressurize buyers and the price could test $308.

The $308 support is also near the 50% Fib retracement level of the last wave from the $275.30 low to $339.98 high. As long as the price stays above $308, it is likely to recover in the near term.

Hourly MACD – The MACD is reducing its bullish zone.

Hourly RSI – The RSI has just moved below the 50 level and showing short-term negative signs.

Major Support Level – $308

Major Resistance Level – $340

 

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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