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Key Points
- The ETH price found support close to the $ 209 level and subsequently adjusted higher against the US dollar.
- There was a break above a short-term bearish trend line with resistance to $ 226 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair will likely extend the current correction to the $ 238 and $ 240 resistors.
The price of Ethereum is slowly correcting higher than the US dollar and bitcoin. The ETH / USD could further correct the resistance to $ 240 in the short term.
Price Adjustment of Ethereum
Recently, there was a sharp decline in the ETH price from the low of $ 288 against the US dollar. The ETH / USD pair fell below $ 250, a simple 100-hour moving average and $ 225. It traded at $ 209 and subsequently started an upward correction and surpassed the $ 215 level. C & # 39; it was a boost above the Fib retracement level 23.6% from the low of $ 283 to $ 209 low
Also, there was a break above a line of short-term bearish trend with resistance to $ 226 on the ETH / USD time chart. The price tested the resistance of $ 230 in which sellers emerged. It seems that the price could lower the level of $ 220 by some points. On the downside, there is a bullish uptrend in connection with support at $ 221. A break below the trend line could trigger new downward moves towards $ 209 and $ 205 in the short term. On the other hand, if the price moves higher, you could test the resistances from $ 235 and $ 240. Above them, the 50% fiber retracement level of the last decline from the minimum of $ 283 at the minimum of $ 209 is 248.
Looking at the chart, the ETH price is currently correcting higher towards $ 235-240. However, recoveries are likely to face many obstacles and it will not be easy for buyers to push the price above $ 240 or $ 248.
MACD schedule – The MACD is slowly moving into the bullish zone. [19659008] RSI Schedule – The RSI is currently above level 45.
Main support level – $ 220
Main resistance level – $ 240 [19659015]
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