Ethereum Price Technical Analysis – ETH/USD Correcting Lower

ETH price started a drawback correction following trading $830 from the US Dollar. There has been a split under a key bullish fashion line with service at $805 about the hourly chart of ETH/USD (data feed through Kraken). The set may fix a few points farther, but it might find support around the $725-730 zone. Ethereum cost is adjusting reduced from the US Dollar and Bitcoin. However, ETH/USD stays supported over the $725 amount, and it is also a sail zone.  

Ethereum Price Resistance

You will find solid profits at ETH cost above $800 last week against the US Dollar.  The cost traded over the $830 amount before it confronted a solid immunity.  Afterwards, a drawback correction has been initiated along with the cost declined under the $800 and $780 service amounts.  

More to the point, there was a break below a key bullish fashion line with assistance at $805 about the hourly chart of ETH/USD.  The set even traded under the $760 amount and settled under the 100 hourly easy moving average.  Right now, the cost is analyzing the 50% Fib retracement level of the previous wave by the $664 reduced to $833 high.  It might either bounce back or adjust further towards the $725 support zone.  The $725-730 area is important and it will almost certainly prevent additional losses in the long run.

Taking a look at the graph, the cost is presently at a correction period below $800.  But, it has to remain above the $725 service to enthusiastic an increase in selling strain. Having said this, a break over the $770 level along with also the 100 hourly SMA is necessary for the cost to add traction. 

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

Hourly RSI – The RSI is currently approaching the 30 level.

Major Support Level – $725

Major Resistance Level – $770

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