Ether started a short-term correction against the US dollar and bitcoin. ETH/USD dips remain limited since indicators are elevated for more upsides above $1,000.00.
Ether’s price started a downside correction after trading at $1,017.14 against the US dollar.
There are important supports such as $960.00, $880.00 and $860.00 on the 2-hour chart of ETH/USD.
ETH/BTC is also correcting lower and is moving toward the 0.0600BTC support.
Technically, the 30-minute chart indicators are showing signs of a short-term correction.
Will ETH/USD Move Back above $1,000?
Yesterday, we saw Ethereum achieve a new milestone when ETH/USD moved past the $1,000.00 level. A new all-time high was formed at $1,017.14 (average price) from where a downside correction was initiated.
Likewise, ETH/BTC also started a short-term correction and moved below the 0.0650BTC level. The pair is currently heading toward 0.0600BTC where it will most likely find strong buying interest.
The 2-hour chart of ETH/USD suggests a major bullish trend with many back-to-back green candles. However, it seems like the pair is facing strong offers above $1,000 and it made a short-term top at $1,017.14.
The last three candles are pointing to a downside move probably toward the $960.00 support. There are many barriers for Ether sellers on the downside, such as $960.00, $880.00, and $860.00. To start with, there are two connecting bullish trendlines at $960.00.
Below $960.00, the previous resistance at $880.00 could prevent declines. Lower, there is another crucial bullish trendline on the same chart with support at $860.00. Therefore, a major decline from the current levels would be difficult.
Moving down to the 30-minute chart of ETH/USD, there is a short-term contracting triangle forming with support at $970.00 and resistance at $1,020.00. The pair is approaching the triangle support that could prevent declines below $970.00.
To sum up, Ether’s price has many supports on the downside and once the current correction is complete, ETH/USD could move back toward or above $1,000.00 once again.
Important Resistance Levels
$1,000.00 and $1,020.00
Important Support Levels
$960.00 and $880.00
The RSI is heading lower toward the 50 level.
The MACD is reducing its bullish slope and is signaling a correction wave.
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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