Ethereum Price Technical Analysis – ETH/USD Next Leg Underway

Key Highlights

  • There was a break above $228 in ETH price against the US Dollar, igniting more upsides towards $244.
  • The ETH/USD pair is currently correcting lower and broke a bullish trend line at $240 on the hourly chart (data feed via SimpleFX).
  • The pair remains supported on the downside near $228 and $218 if it corrects further.

Ethereum price is increasingly bullish against the US Dollar and Bitcoin, and any dips in ETH/USD towards $228-220 remains well-supported.

Ethereum Price Short-term Correction

It’s all bullish for ETH price, as it rocketed above a major resistance at $228 against the US Dollar. It was the perfect opening for buyers, and they took the price above $240, and a new high was formed at $244.42. At the moment, buyers seem to be exhausted and are not able to take the price above $244. As a result, a minor correction is underway below $240.

Recently, the ETH/USD pair moved down and broke a bullish trend line at $240 on the hourly chart. It may be an opening for sellers to take the price lower by $5-10. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $208.66 low to $244.42 high. However, the most important support is near $228-220. The stated levels prevented upsides earlier, and may now hold losses below $220.

Ethereum Price Technical Analysis ETH/USD

The 50% Fib retracement level of the last wave from the $208.66 low to $244.42 high is at $226, which is also a major support. So, if there is an extension of the current correction, buyers may take a stand near $228-220. On the upside, once there is a break above $244, buyers may attempt $250.

Hourly MACD – The MACD is placed well in the bullish zone, but reducing slope.

Hourly RSI – The RSI started correcting overbought levels and currently at 62.

Major Support Level – $228

Major Resistance Level – $244

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.

Source: Newsbtc