- 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