Ethereum began an upward correction higher than the $1,050 area against the US Dollar. ETH was close to $1,200 resistance before sellers.
- Ethereum began an upward correction above $1,100 resistance.
- The 100-hourly simple moving average and price are now below $1150.
- A break was seen below the bullish trend line, with support close to $1,180 in an hourly chart of Ethereum/USD (datafeed via Kraken).
- It is possible that the pair will revisit $1,050 support levels and $1,040 in the near future.
Ethereum price corrects lower
Ethereum managed to surpass the $1,050 resistance level. ETH was able to climb above the $1120 resistance zone, and even settled above the 100 hourly simple movement average.
Finally, the price crossed above the $1150 resistance and traded near the $1200 mark. Before the bears arrived, a high of $1,192 was reached. The Ether price dropped to $1,150 and did not continue rising.
Below the 23.6% Fib level of the upward swing from the $880 swing low and $1,192 peak was seen a break. Additionally, the hourly chart of Ethereum/USD showed a break below a crucial bullish trend line that has support close to $1,180.
The Ether price currently trades below $1,150. This is in line with the 100-hourly simple moving average. A resistance level is located near $1,120. Near the $1,150 area is the next significant resistance. The price could rise to $1,200 if it moves above the $1150 resistance zone.
Source: TradingView.com ETHUSD
Next is $1,250. In the short term, any further gains may lead to a push towards $1320.
What Are the Losses of ETH More?
The $1,120 resistance could be broken and ethereum may continue its downward slide. The $1,060 area is the initial support for the downside.
Near the $1,050 area is the next support. This support is close to the 50% Fib level of the upward movement from $880 swing lows to $1,192 highs. If there is more loss, it might push the price towards $1,000 support.
Technical Indicators
Minutely MACD – In the bearish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI is currently below the 50 level for Ethereum/USD.
Major Support Level – $1,050
Major Resistance Level – $1,150
