Ethereum price started a downside correction below the ,880 support. ETH is now testing the ,760 support and might aim for a fresh increase.
Ethereum started another downside correction below the ,880 zone. The price is trading above ,750 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at ,880 on the hourly chart of ETH/USD (data feed via Kraken). The pair could restart its increase unless there is a move below the ,760 support.Ethereum price failed to test the ,000 resistance zone and started a downside correction, like Bitcoin. ETH dipped below the ,920 and ,880 support levels.
There was also a spike below the 50% Fib retracement level of the upward move from the ,631 swing low to the ,972 high. Finally, the price dipped below the ,800 level. However, the bulls were active near the ,760 support zone.
The price stayed above the 61.8% Fib retracement level of the upward move from the ,631 swing low to the ,972 high. Ethereum price is now trading above ,750 and the 100-hourly Simple Moving Average.
Immediate resistance is near the ,880 level. There is also a connecting bearish trend line forming with resistance at ,880 on the hourly chart of ETH/USD. The first major resistance is near the ,920 level. An upside break above the ,920 resistance might send the price higher.
Source: ETHUSD on TradingView.comThe next key resistance sits at ,950, above which the price might gain traction and rise toward the ,000 level. If there is a clear move above the ,000 level, the price might rise and test the ,080 resistance. Any more gains could send Ether toward the ,150 resistance zone.
If Ethereum fails to clear the ,880 resistance, it could continue to move down. Initial support on the downside is near the ,800 level.
The next major support is near the ,760 zone. A clear move below the ,760 support might push the price toward ,720. Any more losses might send the price toward the ,630 level in the near term.
Technical Indicators
Hourly MACD–The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI–The RSI for ETH/USD is now below the 50 zone.
Major Support Level – ,760
Major Resistance Level – ,880
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