Ethereum corrected lower and tested the USD 1,250 support zone against the US dollar. The ETH price is consolidating above USD 1,280 and should rise again in the short term.
- Ethereum holds gains above the USD 1,250 and USD 1,280 support levels.
- The price is currently correcting lower from $ 1,385 but is above the 100 hour average.
- A crucial contraction triangle is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 1,275.
- The pair could correct again, but is likely to continue to be well bid above the USD 1,250 and USD 1,275 support levels.
The Ethereum price holds the key support
Yesterday we saw a downward correction in Ethereum below the USD 1,350 and USD 1,300 support levels. The ETH price was even below the support level of $ 1,280 and the 100 hour simple moving average.
It tested the USD 1,250 support zone and steadily rebounded above USD 1,300. There was a break above the USD 1,350 resistance and a close above the 100-hour simple moving average. However, the ether price did not exceed the resistance zone of $ 1,400.
A high has been formed near $ 1,388 and the price is currently correcting lower. It tests the 50% Fib retracement level of the upward wave from the low of $ 1,251 to the high of $ 1,388. A critical contraction triangle is also forming on the hourly chart of ETH / USD with support near USD 1,275.
Source: ETHUSD on TradingView.com
Triangle support is close to the 76.4% fib retracement level of the upward wave from the low of $ 1,251 to $ 1,388. On the upside, triangle resistance is near the $ 1,360 and $ 1,365 levels.
The main resistance is near the USD 1,385 and USD 1,400 levels. A successful close above the USD 1,400 resistance could open the doors for a fresh move towards the USD 1,450 and USD 1,480 levels.
Dips supported at ETH?
If Ethereum struggles to stay stable above $ 1,300, it could correct further. Initial support on the downside is near the USD 1,280 level and the triangle trendline.
The main support is now forming near the USD 1,250 level. If Ether does not stay above the USD 1,250 support, it could continue to decline towards the USD 1,180 and USD 1,165 support levels.
Hourly MACD – – The MACD for ETH / USD is slowly moving in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is currently close to the 50 level.
Main support tier – $ 1,280
Main Resistance Level – $ 1,380