Altcoins Analysis

Ethereum Price Analysis – ETH/USD Might Extend Correction

Aayush Jindal | August 24, 2017 | 6:00 am
Ethereum Price Technical Analysis ETH USD
Altcoins

Ethereum Price Analysis – ETH/USD Might Extend Correction

Aayush Jindal | August 24, 2017 | 6:00 am

Key Highlights

  • ETH price after trading towards $323 against the US Dollar found sellers and slowly moving lower.
  • There was a break below a connecting bullish trend line at $320 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair might trade towards the $308 support and 100 hourly simple moving average.

Ethereum price is correcting lower against the US Dollar against Bitcoin. ETH/USD has to remain above $308 in order to bounce back.

Ethereum Price Support

There was a decent upside move in ETH price above the $321 level against the US Dollar. The price traded as high as $323.49 and slowly lost momentum. It started trading lower and moved below the $321 support. It failed around a bearish trend line at $322-323 on the hourly chart. During the downside move, there was a break below a connecting bullish trend line at $320 on the hourly chart of ETH/USD. It has cleared the path for a slight downside move towards $310-308 in the near term.

At the moment, the price is trading near the 23.6% Fib retracement level of the last wave from the $290.52 low to $323.49 high. It seems like the price might continue to trade lower and test the $308 support and 100 hourly simple moving average. The 100 hourly SMA is also positioned near the 50% Fib retracement level of the last wave from the $290.52 low to $323.49 high. It seems like downsides would be limited by $304. However, the price needs to gain momentum above $321 to overcome any major declines.

Ethereum Price Technical Analysis ETH USD

A break above the highlighted bearish trend line with current resistance at $319.50 is needed. Buying dips might be considered as long as the price is above $304.

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI – The RSI has breached the 50 level and could head south.

Major Support Level – $304

Major Resistance Level – $321

 

Charts courtesy – SimpleFX

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