Key Highlights
- ETH price is currently correcting lower after trading as high as $1379.12 against the US Dollar.
- There is a descending channel forming with support around the $1200 level on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair must hold the $1200 support and the 100 hourly simple moving averages to avoid further declines.
Ethereum price remains supported for more gains against the US Dollar and Bitcoin. ETH/USD has to stay above $1200 and the 100 hourly SMA.
Ethereum Price Support
We recently saw further gains above the $1350 level in ETH price against the US Dollar. The price made a nice upside move and traded as high as $1379.12. Later, a downside move was initiated and the price moved towards the $1200 support. However, further declines were protected and the price moved above the 23.6% Fib retracement level of the last decline from the $1379 high to $1202 low.
There was a push above the $1300 level, but the upside move was capped by the $1320 level. Moreover, there was no close above the 50% Fib retracement level of the last decline from the $1379 high to $1202 low. It failed and started a downside move below $1300. At the moment, there is a descending channel forming with support around the $1200 level on the hourly chart of ETH/USD. The pair may decline further towards the $1220 and $1202 support area.
On the downside, the $1202 support and the 100 hourly simple moving average holds a lot of importance. The 100 hourly SMA is at $1180, and it can be seen as a major buy zone. On the upside, ETH buyers need to push the price above the $1300 level and the channel resistance for more upsides.
Hourly MACD – The MACD has reduced most of its bullish slope.
Hourly RSI – The RSI is now below the 50 and is moving lower.
Major Support Level – $1200
Major Resistance Level – $1300
Charts courtesy – SimpleFX
