Ethereum Price Weekly Analysis – ETH/USD Projecting Correction

Key Highlights

• ETH price after a nice upside move towards $50 against the US Dollar found sellers.
• The ETH/USD pair (data feed via SimpleFX) is currently correcting lower, and might be heading towards a support area formed on the daily chart.
• The most important support on the downside is near $32 where buyers might appear.

Ethereum price after a solid upside move towards the $50 level found sellers against the US dollar, and now ETH/USD is correcting lower.

Ethereum Price to Correct Lower

It was a solid upside ride for ETH price as it climbed higher towards $50 against the US Dollar. There was a rise as high as $49.90, which was just shy of $50. The price found sellers near $49.90 and started moving lower. It looks like a correction wave has started with a move below $48. There is already a break below the 23.6% fib retracement level of the last wave from the $16.06 low to $49.90 high.

The next major support on the downside is near $32.90, as it coincides with the 50% fib retracement level of the last wave from the $16.06 low to $49.90 high. It is where the price might find buyers and get bids near $33. However, I would say that the price might find the best support near $30. It matches with the 61.8% fib retracement level of the last wave from the $16.06 low to $49.90 high.

I would say there is a chance of further losses in the near term. So, if you are a buyer, then look for a proper wave count towards $42 before considering a buy trade. On the downside, the $32 level is a crucial support.

Daily MACD – The MACD is super bullish, and remains supportive of more gains.

Daily RSI – The RSI is correcting from the overbought levels, and moving towards the 60 level.

Major Support Level – $32.00

Major Resistance Level – $42.00

 

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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