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Ethereum Price Technical Analysis
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Ethereum Price Technical Analysis – ETH/USD Correction Initiated

Aayush Jindal by Aayush Jindal
5 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2 mins read
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Key Highlights

  • ETH price after a nice upside move against the US Dollar found resistance near $11.22, and started a correction.
  • There is a descending channel pattern formed on the hourly chart of ETH/USD (data feed via SimpleFX), which is acting as a downside move catalyst.
  • The price may dip towards $10.90 before gaining bids once again for an upside move.

Ethereum price after trading a few points above $11.20 struggled against the US Dollar, and now ETH/USD has started a correction wave.

Ethereum Price Trend

There was a nice uptrend initiated in ETH price against the US Dollar, as there was a move above $11.00. The price crawled higher and traded with a positive tone to trade as high as $11.22. It later found resistance, and started a downside move. It looks like there was a completion of a wave near $11.20, which means a correction wave is now initiated. The price already broke the 23.6% Fib retracement level of the last wave from the $10.41 low to $11.22 high. It means there is a chance of further downsides.

Looking at the hourly chart of ETH/USD (data feed via SimpleFX), there is a descending channel pattern formed with support at 10.90. The same channel pattern is currently taking the pair slowly down with an active resistance at $11.05. So, there is a chance of another dip before the ETH buyers appear. On the downside, the channel support is at $10.90. The same level also coincides with the 38.2% Fib retracement level of the last wave from the $10.41 low to $11.22 high.

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Ethereum Price Technical Analysis

So, the $10.90 support area is important, and there is a chance of it acting as a buy zone in the short term.

Hourly MACD – The MACD is in the bearish zone, but may move into in the bullish slope.

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Hourly RSI – The RSI is attempting to move back above the 50 level.

Major Support Level – $10.90

Major Resistance Level – $11.05

 

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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