Ether Price Trading Near Major Inflection Point
|Ether price after a surge towards the $12.30 level against the US Dollar found offers and started a correction phase.|
|There is likely a short-term top in place for a minor downside in the ETH/USD pair.|
|The last 24-hours chart of the ETH/USD pair points a break to open the doors for a correction wave.|
I think the recent correction can be seen as a chance to buy as long as the all-important $11.00-$10.80 support area is intact.
ETH/USD Is Buy Dips?
The Ether succeeded in overcoming selling pressure against the US Dollar yesterday, and traded as high as $12.32. Currently, the ETH/USD pair is struggling to settle above the $12.00-20 levels, which poses a threat of a short-term correction.
If we look at the last 24-hours chart of the ETH/USD pair, then it broke a bullish trend line signaling a start of a correction wave. There was also a double top pattern formed on the same chart, which was one of the reasons for a downside reaction.
Ether price already completed 1st wave and tested the $11.60 level where it found bids. I think there is a chance of a 3-wave correction that may take the price towards the $11.00-20 levels, which holds a lot of importance for ETH/USD in the near term.
The last 7-days chart of ETH/USD clearly suggests why the $11.00-$10.80 levels are important. The stated levels acted as a resistance earlier and may provide support if price moves down from the current levels.
So, I think buying dips is a good option in ETH/USD as long as it remains above the mentioned support area.