Ethereum Price Technical Analysis – ETH/USD Correction Likely Over

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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.

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

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.

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