Ethereum Price Technical Analysis – ETH/USD Struggle To Gain Momentum

Key Highlights

• ETH price failed to gain pace above the $231 level against the US Dollar, and moved down.
• Yesterday’s highlighted connecting bullish trend line with support at $221 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
• There is a chance that the price might extend the recent correction towards the $208 level.

Ethereum price is struggling to gain bullish momentum against the US Dollar and Bitcoin, and now ETH/USD might move down towards $208.

Ethereum Price Correction

Yesterday, we saw a rise in ETH price towards the $231 level against the US Dollar. The price traded as high as $231.39 before starting a correction below $225. First, there was a break below the 23.6% Fib retracement level of the last wave from the $188.80 low to $231.30 high. It opened the doors for an extended correction below $220. Soon, yesterday’s highlighted connecting bullish trend line with support at $221-220 on the hourly chart of ETH/USD was broken.

The downside move was protected by the 38.2% Fib retracement level of the last wave from the $188.80 low to $231.30 high at $215. There is a short-term contracting triangle with resistance near $218 is forming on the same chart. The price may soon break the pattern and make the next move. On the downside, the most important support is near $208. It was a resistance earlier, and now coincides with the 50% Fib retracement level of the last wave from the $188.80 low to $231.30 high at $215.

So, even if the price moves down, it is likely to find support near $208. The overall bias is still bullish, but we can see some downside spikes in the near term.

Hourly MACD – The MACD is now moving in the bearish zone.

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

Major Support Level – $208

Major Resistance Level – $221

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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