Analysis Technical

Ethereum Price Analysis: ETH/USD Could Correct To $375-380

Aayush Jindal | August 9, 2018 | 6:00 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Could Correct To $375-380

Aayush Jindal | August 9, 2018 | 6:00 am

Key Highlights

  • ETH price declined heavily and broke the $375 and $360 support levels against the US Dollar.
  • There is a short-term declining channel formed with resistance near the $362 level on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher in the short term towards the $370, $375 and $380 levels.

Ethereum price remained in a bearish zone against the US Dollar and bitcoin. ETH/USD is currently correcting higher and it may perhaps test the $380 hurdle.

Ethereum Price Recovery

There were further slides in ETH price below the $375 support level against the US Dollar. The ETH/USD pair even broke the $360 support and spiked below the $350 level. A low was formed near the $347 level and the price is currently correcting higher. It moved above the $355 level, but there are many resistances waiting on the upside to prevent gains.

The first hurdle is the 23.6% Fib retracement level of the recent decline from the $411 high to $347 low near $362. It coincides with a short-term declining channel with current barrier near the $362 level on the hourly chart of ETH/USD. A break above the channel resistance and $365 could open the doors for more recoveries. The next major resistance is near the $370-375 zone. It represents the 38.2% Fib retracement level of the recent decline from the $411 high to $347 low. Above this last, the price may perhaps test the $380 resistance level, which is a major hurdle for more gains.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is slowly recovering above $350, but it is likely to struggle above the $370 level. On the downside, the recent low of $347 is a decent support. Below this, ETH could accelerate declines towards the $320 level in the near term.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is correcting higher from the oversold area towards the 45-50 zone.

Major Support Level – $347

Major Resistance Level – $375

Tags: , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.