- ETH price is moving lower from the $761 swing high and is now below $740 against the US Dollar.
- There was a break below a major bullish trend line at $746 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to decline towards the $715 and $700 support levels in the near term.
Ethereum price is currently correcting lower against the US Dollar and Bitcoin. ETH/USD might decline in the short term to test the $700-715 support area.
Ethereum Price Resistance
There was a slow a steady rise in ETH price above the $750 level against the US Dollar. The price traded higher and traded as high as $761.22, where it faced sellers. A short-term correction was initiated from the mentioned $761 high. ETH moved down and broke the $750 support area. There was also a break below a major bullish trend line at $746 on the hourly chart of ETH/USD.
The pair traded towards the $700 level and formed a low at $700.54. Later, an upside wave was initiated above the $710 level. It moved above the 100 hourly simple moving average and the 23.6% Fib retracement level of the last decline from the $761 high to $700 low. However, the upside move was protected by a bearish trend line on the same chart with current resistance at $730. Moreover, the 61.8% Fib retracement level of the last decline from the $761 high to $700 low also acted as a hurdle.
It seems like the price has completed a short-term correction near $730 and it might decline once again. It can retest the $700 support zone, which is a major buy zone. Overall, the price might continue to trade in a range before making the next move.
Hourly MACD – The MACD is reducing its bearish slope, but there is no bullish sign.
Hourly RSI – The RSI is just below the 50 level and is moving lower.
Major Support Level – $700
Major Resistance Level – $735
Charts courtesy – SimpleFX
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. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.