Ether is correcting lower against the US dollar and bitcoin. However, ETH/USD’s downside remains supported and the pair is in uptrend above $1,190.00.
Ether is currently correcting lower from the $1383.50 high, but it remains supported against the US dollar.
There is an ascending channel forming with support at $1,190.00 on the 2-hour chart of ETH/USD.
ETH/BTC started a downside correction and traded below the 0.0900BTC level.
Technically, the 2-hour chart indicators are approaching their midlines in the bullish territory.
ETH/USD to Bounce Back?
A substantial downside correction was initiated in ETH/USD as the pair moved below the $1,300.00 and $1,260.00 support levels. However, the medium-term bullish trend is intact and there is a crucial support on the downside at $1,190.00.
ETH/BTC also started a correction as it failed to break the 0.1000BTC resistance. The pair is moving lower and is currently trading below the 0.0900BTC level.
Starting with the 30-minute chart of ETH/USD, there is a clear short-term bearish bias forming. A low was formed at $1,122.51 before the pair started moving higher. It succeeded in moving past the 23.6 percent Fibonacci retracement level of the last decline from the $1,383.50 high to $1,122.51 low.
However, the previous support at $1,250.00 and the 50 percent Fibonacci retracement level of the last decline, from the $1,383.50 high to $1,122.51 low, both acted as a resistance.
It seems like Ether’s price is struggling to break the $1,250.00 level. Above the mentioned $1,250.00, there is a bearish trendline with resistance at $1,265.00.
When looking at the 2-hour chart of ETH/USD, there is an ascending channel forming with support at $1,190.00. The pair recently tested the channel support and recovered. As long as the price is above $1,190.00 and $1,150.00, it remains in an uptrend.
On the upside, a close above $1,250.00 is needed to overcome the current selling pressure. Above $1,250.00, the next major hurdle is a bearish trendline at $1,280.00. Past that, the price will most likely trade toward $1,350.00.
Important Resistance Levels
$1,250.00 and $1,280.00
Important Support Levels
$1,190.00 and $1,150.00
The RSI is moving lower toward the 50 level.
The MACD is currently reducing its bullish slope.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
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