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Ether Price Correction Is Likely Over

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD looks like completed a correction wave at $12.70, and currently preparing for an upside move since Ether buyers are back.

Key Highlights

Ether price after trading as low as $12.70 against the US Dollar found support.
There is likely a double bottom pattern forming on the hourly chart of ETH/USD, which may lift the pair going forward.
The pair also broke a minor bearish trend line on the same chart, signaling an upside move.

Technically, the 4-hours chart suggests that the pair is finding support near a major technical level with indicators turning north.

ETH/USD Trend Change

Ether was seen under pressure against both the US Dollar and Bitcoin, as yesterday’s highlighted correction pattern extended too far. The ETH/USD pair traded as low as $12.70 and ETH/BTC formed a low of 0.0205BTC before both pairs found support and started moving higher.

Ether Price Analysis Technical Chart

The ETH/USD pair downside found buyers around the last swing low (as highlighted on the hourly chart with green circles). This means there is a chance that the pair has formed a double bottom pattern. The pair is already recovering, and moved above the 23.6% Fib retracement level of the last drop from the $14.31 high to $12.70 low.

Furthermore, there was a bearish trend line formed on the hourly chart of ETH/USD, which was broken to open the doors for an upside move. The pair is currently struggling to clear the $13.50 resistance area, but if the recent break is true, there is a possibility of a move towards $14.00.

ETH/USD pair Analysis Ethereum

When we look at the 4-hours chart, it is clear that the recent bounce was from a perfect technical support level. The same level was a resistance zone earlier, and now prevented a downside move.

The only concern is the loss of momentum. The Ether bulls need to stay in action, else it may give sellers a chance of to push the price down once again.

Important Resistance Levels

$13.50 and $13.80

Important Support Levels

$13.20 and $13.00

Hourly RSI

The RSI technical indicator is back above the 50 level, calling for further gains.

Hourly MACD

The MACD is attempting to move into the bullish zone, which is a good sign.

Aayush Jindal

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.