- ETH price after forming a new minor high above $8.60 against the US Dollar started correcting lower.
- Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a support and prevented losses.
- If the trend line support holds, there is a chance of the pair gaining pace one more time.
Ethereum price is trading positively against the US Dollar. ETH/USD after setting a new intraday high of $8.67 started correcting lower.
Ethereum Price Support
ETH price managed to trade a few points higher yesterday against the US Dollar and Bitcoin. There was a break above yesterday’s high of $8.53 in ETH/USD to create a new intraday high of $8.67. There were sellers around the stated level, which ignited a correction wave. The price moved below the 23.6% Fib retracement level of the last wave from the $7.06 low to $8.67 high.
However, the downside was prevented around a major support area at $7.90. The most important point is that yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is currently acting as a support. Moreover, the 50% Fib retracement level of the last wave from the $7.06 low to $8.67 high is around the same level. As long as the price is above the trend line support, there is a chance of it gaining pace one more time.
If there is a break below the trend line, then the current correction wave may extend a bit more. However, the chances are more of an upside move since the market sentiment is favoring buyers. A retest of the last swing high of $8.67 is possible.
Hourly MACD – The MACD is about to change the slope from bullish to bearish.
Hourly RSI – The RSI has also moved below the 50 level, which is a short-term bearish sign.
Major Support Level – $7.90
Major Resistance Level – $8.60
Charts courtesy – SimpleFX