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Home Technical analysis

Ethereum Price Analysis – ETH/USD Correction Likely Over

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis, Cryptocurrency news
Reading Time: 2min read
Ethereum Price Technical Analysis
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Key Highlights

  • ETH price after a minor correction against the US Dollar towards $10.88 found support.
  • Yesterday’s highlighted descending channel pattern on the hourly chart of ETH/USD (data feed via SimpleFX) was broken at $11.05 for an upside move.
  • Now, an ascending channel pattern is formed with support at $11.10.

Ethereum price likely completed a correction wave against the US Dollar, and ETH/USD might now trade back towards the last high of $11.30.

Ethereum Price Support

Yesterday, we saw how there was a correction wave initiated in ETH price against the US Dollar towards $11.00. The price broke the $11.00 handle and traded as low as $10.88 where it found support and started to move back higher. The best part was the rejection near the 38.2% Fib retracement level of the last wave from the $10.41 low to $11.22 high. Moreover, there was a break above yesterday’s highlighted descending channel pattern on the hourly chart of ETH/USD (data feed via SimpleFX) at $11.05.

So, we can say that the price completed a correction wave near $10.88, and likely to trade back higher. It has already broke the 50% Fib retracement level of the last decline from the $11.22 high to $10.88 low. It means there is a chance of a full test of $11.22. If the ETH buyers remain in action, the price could even test the 1.236 extension of the last decline from the $11.22 high to $10.88 low at $11.30.

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Ethereum Price Technical Analysis

There is now an ascending channel pattern formed on the same chart with support at $11.10. So, the price is likely to trade higher and move towards $11.25-11.30. Any further gains may depend upon the market sentiment.

Hourly MACD – The MACD is back in the bullish slope, which is a positive sign

Hourly RSI – The RSI has settled above the 50 level, and currently stable.

Major Support Level – $11.10

Major Resistance Level – $11.30

 

Charts courtesy – SimpleFX

Tags: Ethereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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