Ethereum (ETH) Price Corrects Sharply: Dips Present Buying Opportunity
ETH price surged higher and broke the $340 and $350 resistances against the US Dollar.
The price traded to a new 2019 high at $363 before it started a major downside correction.
Yesterday’s highlighted major bullish trend line prevented losses with support near $320 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price surged towards the $14,000 level before correcting below $13,000.
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Ethereum price is currently correcting recent gains versus the US Dollar and bitcoin. ETH price is likely to stay above the $320 support and it could bounce back in the near term.
Ethereum Price Analysis
Yesterday, there was a strong rise in bitcoin above $13,000 and $13,500, resulting in bullish moves in Ethereum price against the US Dollar. The ETH/USD pair started a strong upward move and broke the $340 and $350 resistance levels. There was also a close above the $340 level and the 100 hourly simple moving average. The price formed a new 2019 high near $363 before it started a strong downside correction.
The price declined below the $350 and $340 levels. It even spiked below the $325 support level. However, the $320 support acted as a strong buy zone. Moreover, yesterday’s highlighted major bullish trend line prevented losses with support near $320 on the hourly chart of ETH/USD. The pair is currently recovering and it recently climbed above the 23.6% Fib retracement level of the recent decline from the $363 high to $316 swing low.
However, the $340 level is once again acting as a resistance. Moreover, the 50% Fib retracement level of the recent decline from the $363 high to $316 swing low is acting as a resistance. The price is currently moving lower, but there are many supports near the $325 and $320 level. The main support is $320 and 100 hourly simple moving average.
As long as the price is above the $320 support, it is likely to bounce back above $340 in the near term. The next important resistance is at $350, above which the price may even climb towards the last swing high at $363.
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Looking at the chart, Ethereum price is clearly correcting recent gains, but it must stay above the $320 level. If the bulls fail to defend the $320 support, there is a risk of a downside break. The next important support is near $316, below which the price may even test the $300 handle.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD recovered from the 42 level and it is currently near the 51 level.
Major Support Level – $320
Major Resistance Level – $340
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