BTC / USD
23,021.15
0.63%
(-145.46)
ETH / USD
1,576.79
1.31%
(-20.85)
XRP / USD
0.40
1.71%
(-0.01)
LTC / USD
95.61
1.19%
(+1.12)
EOS / USD
1.03
3.56%
(-0.04)
BCH / USD
131.55
2.45%
(-3.31)
ADA / USD
0.38
4.01%
(-0.02)
XLM / USD
0.09
2.84%
(-0)
NEO / USD
8.00
2.61%
(-0.21)
XEM / USD
0.04
0.03%
(0)
DASH / USD
59.87
0.33%
(-0.2)
USDT / USD
1.00
0%
(0)
BNB / USD
309.12
1.49%
(-4.66)
QTUM / USD
2.59
4.81%
(-0.13)
XVG / USD
0.00
1%
(-0)
ONT / USD
0.20
2.83%
(-0.01)
ZEC / USD
44.90
1.82%
(-0.83)
STEEM / USD
0.19
1.04%
(-0)

Ethereum Price Hints At Potential Correction, Buy The Dip?

0

Ethereum failed again to settle above the $1,300 resistance against the US Dollar. ETH is moving lower and might soon test the $1,220 support zone.

  • Ethereum attempted another upside break above $1,300, but failed.
  • The price is now trading below $1,280 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $1,272 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct further lower, but the $1,220 support is the key.

Ethereum Price Corrects Lower

Ethereum price made another attempt to surpass the $1,300 resistance zone. However, ETH struggled to gain momentum above the $1,300 level. A high was formed near $1,304 and the price started a downside correction, similar to bitcoin.

The price declined below the $1,280 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $1,272 on the hourly chart of ETH/USD.

Ether price traded as low as $1,248 and is currently consolidating losses. There was a minor increase above the $1,260 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $1,304 swing high to $1,248 low.

An immediate resistance on the upside is near the $1,270 level and the 100 hourly simple moving average. The first major resistance is near the $1,275 level. It is near the 50% Fib retracement level of the recent decline from the $1,304 swing high to $1,248 low.

Source: ETHUSD on TradingView.com

A close above the $1,275 resistance might send the price further higher. The next major resistance is near the $1,300 level, above which ether price might test $1,320. Any more gains might send the price towards the $1,400 resistance zone.

Retest of a Key Support by ETH?

If ethereum fails to start another increase above the $1,275 resistance, it could continue to move down. An initial support on the downside is near the $1,250 level.

The next major support is near the $1,220 level. If there is a break below $1,220, the price could test the $1,165 support. Any more losses could lead the price towards the $1,100 support.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,220

Major Resistance Level – $1,275

Featured image from iStock
Leave A Reply

Your email address will not be published.