- 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.
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