Ethereum Price Analysis: ETH going through major correction.

6 months ago

ETH Technical Markers

Significant Support Level – $107

Significant Resistance Level – $115

  • Ethereum price recovered after yesterday’s bearish momentum and broke the $106 and $109 resistance levels against the US Dollar.
  • Yesterday’s major bearish pattern line was broken with resistance close $106 on the hourly chart.
  • The pair is currently trading over the $106 level and it is probably going to move upwards towards the $113 to $115 level.

Ethereum price began a quick recovery against the US Dollar and bitcoin. ETH/USD is supported for a correction towards the key $115 resistance level in the close term.

Ethereum Price Analysis

After falling to around $101, Ethereum price began a recovery to move towards $103 against the US Dollar. Ethereum started an upside correction to break the $106 resistance. Buyers pushed the price after the last drop from the $115 high to $101 low. In addition, Ethereum price exchanged over the $106 level and the 100 hourly SMA.

ETHUSD Price Chart

Yesterday’s major bearish pattern line was broken with resistance close to $106 on the hourly chart. Buyers were quickly able to spike the price over the $109 and $110 resistance levels but Ethereum later revised lower.  Ethereum price as of now testing the 23.6% Lie retracement level. There are numerous supports close to the $107 and $105 levels. The 100 hourly SMA is close to the $107 level.

Taking a look at the chart, ETH price may see a short term downward correction, however, it is well supported close to $106. It appears as though the price could move upwards towards the $113 and $114 resistances, where most sellers are currently placed.

Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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