Ethereum Price Technical Analysis: Correction Wave Halts Gains

 

ethereum-price-technical-analysis

Ethereum price failed to gain momentum against the US Dollar, and failed near $7.20. More losses are likely in ETH/USD moving ahead?

Key Highlights

  • ETH price started a correction wave yesterday against the US Dollar, but it looks it failed to gain traction.
  • There is a new minor bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is currently acting as a resistance.
  • The price is back trading near the last swing low of $6.87, and remains at risk.

 

Ethereum Price Decline

Yesterday, there was a correction wave initiated in ETH price against the US Dollar. However, it looks like the price failed to make a substantial move and failed near $7.20. It was a crucial resistance, as highlighted in yesterday’s post. The ETH/USD pair failed to break it and found sellers near 38.2% Fib retracement level of the last decline from the $7.82 high to $6.83 low.

ethereum24-1024x459

As a result, a downside move was initiated. The decline was such that the price settled below the 100 hourly simple moving average. Now, there is a new minor bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. It is acting as a downside move catalyst in taking the price down. The price already attempted once to break the $6.90 level, but failed. Let us see if there can be a break moving ahead or not, which can ignite more losses.

On the upside, the 50% Fib retracement level of the last decline from the $7.19 high to $6.87 low is also a major resistance at $7.03. So, it won’t be easy for the ETH buyers to take the price back in the bullish or neutral zone.

Hourly MACD – The MACD is back in the bearish zone.

Hourly RSI – The RSI also moved below the 50 level, and testing the broken 50 level.

Major Support Level – $6.90

Major Resistance Level – $7.10

 

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

 

 

Source: NewsBTC

Charts courtesy of SimpleFX

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