Altcoins Analysis

Ethereum Price Technical Analysis – ETH/USD Correcting Lower

Aayush Jindal | August 7, 2017 | 6:00 am
Ethereum Price Technical Analysis ETH USD
Altcoins

Ethereum Price Technical Analysis – ETH/USD Correcting Lower

Aayush Jindal | August 7, 2017 | 6:00 am

Key Highlights

  • ETH price after trading as high as $270 found sellers and started correcting lower against the US Dollar.
  • There was a break below a rising and contracting triangle pattern at $260 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • Ether is currently correcting lower, but downsides remain limited below $250.

Ethereum price is currently correcting its gains against the US Dollar and Bitcoin, but ETH/USD remains supported on the downside near $250.

Ethereum Price Support

The past 2-3 days were good for ETH price as it moved above the $230 level against the US Dollar. It traded higher and broke the $260 resistance to gain pace towards $270. The price traded as high as $270.84 recently before facing offers. Later, a correction wave was initiated, and the price moved below the $265 level. There was a break below a rising and contracting triangle pattern at $260 on the hourly chart of ETH/USD.

The price recently tested the 23.6% Fib retracement level of the last wave from the $218.81 low to $270.84 high. The recent break has opened the doors for a correction may be towards $250. The next major support is around the 38.2% Fib retracement level of the last wave from the $218.81 low to $270.84 high. Buyers are currently protecting a close below the $260 level, which is a positive sign.

Ethereum Price Technical Analysis ETH USD

It looks like any major downsides are very unlikely below $250 in the short term. On the upside, the $265 level is a resistance zone, followed by $270. The overall trend is positive, and the price may soon resume its uptrend above $265. Buying dips in the short term towards $255-250 can be considered.

Hourly MACD – The MACD is placed well in the bullish zone and showing positive signs.

Hourly RSI – The RSI is currently above the 50 level.

Major Support Level – $250

Major Resistance Level – $270

Charts courtesy – SimpleFX

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