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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Ethereum

TA: Ethereum Dips From Highs, Why ETH Could Correct To $1,375

Aayush Jindal by Aayush Jindal
6 months ago
in ETH
Reading Time: 2 mins read
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Ethereum started a downside correction from $1,630 against the US Dollar. ETH could extend losses if there is a clear move below the $1,480 support.

  • Ethereum started a downside correction from the $1,630 resistance zone.
  • The price is now trading below $1,500 and near the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its downside correction if it breaks the $1,480 support.

Ethereum Price Starts Correction

Ethereum attempted another increase above the $1,600 resistance zone. However, ETH failed to gain pace above the $1,600 level. As a result, there was a downside correction below the $1,550 level.

Ether price corrected lower below the $1,520 support. There was a break below the 23.6% Fib retracement level of the key increase from the $1,325 swing low to $1,632 high. The price is now trading below $1,500 and near the 100 hourly simple moving average.

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It is now approaching the key $1,480 support zone. There is also a key bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $1,520 level. The first major resistance is near the $1,560 zone. The main breakout zone is now forming near the $1,600 zone. A clear move above the $1,600 level could start another major increase.

Ethereum Price

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The next key barrier is near the $1,630 level, above which the price might gain strength and rise towards the $1,700 resistance zone.

More Losses in ETH?

If ethereum fails to rise above the $1,560 resistance, it could continue to move down. An initial support on the downside is near the $1,480 zone and the trend line.

The trend line is near the 50% Fib retracement level of the key increase from the $1,325 swing low to $1,632 high. A clear move below the trend line support might push the price towards the $1,375 support zone. Any more losses might even push ether price below the $1,280 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,480

Major Resistance Level – $1,560

Tags: ETHethereumethusdETHUSDT
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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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