Ethereum price is correcting lower against the US Dollar against Bitcoin. ETH/USD has to remain above $308 in order to bounce back.
There was a decent upside move in ETH price above the $321 level against the US Dollar. The price traded as high as $323.49 and slowly lost momentum. It started trading lower and moved below the $321 support. It failed around a bearish trend line at $322-323 on the hourly chart. During the downside move, there was a break below a connecting bullish trend line at $320 on the hourly chart of ETH/USD. It has cleared the path for a slight downside move towards $310-308 in the near term.
At the moment, the price is trading near the 23.6% Fib retracement level of the last wave from the $290.52 low to $323.49 high. It seems like the price might continue to trade lower and test the $308 support and 100 hourly simple moving average. The 100 hourly SMA is also positioned near the 50% Fib retracement level of the last wave from the $290.52 low to $323.49 high. It seems like downsides would be limited by $304. However, the price needs to gain momentum above $321 to overcome any major declines.
A break above the highlighted bearish trend line with current resistance at $319.50 is needed. Buying dips might be considered as long as the price is above $304.
Hourly MACD â The MACD is slowly moving into the bearish zone.
Hourly RSI â The RSI has breached the 50 level and could head south.
Major Support Level â $304
Major Resistance Level â $321
Charts courtesy â SimpleFX
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