The Ethereum price reported a drop of -7.41% in the last 24 hours, pushing the price below $ 829. The day today does not present major improvements at a general level. We will see how the day goes by.
Key points in the analysis
- The ETH price declined further and was negotiated as low as $ 806 against the US dollar before beginning a recovery.
- There is an important downtrend line that is formed with resistance at $ 850 on the ETH / USD time chart.
- The pair is currently correcting higher but faces many resistances, such as $ 850 and $ 875.
- The price of Ethereum fell sharply against the US dollar and Bitcoin. ETH / USD is currently recovering, but it will not be easy for the pair to gain bullish momentum.
Analyzing the price of Ethereum
There was a minor recovery started yesterday from the minimum of $ 850 in the ETH price against the US dollar. The price operated higher, but could recover above the $ 880-900 resistance zone. It resulted in a downward movement and the price was traded below $ 850. It was reduced by more than $ 40 and traded close to $ 800. A minimum was formed at $ 806 from where the price started an upward correction.
It has moved above the 38.2% retracement level of the last fall from the high of $ 895 to low of $ 806. However, there are many upside resistance around $ 850. The established level of $ 850 was a previous support and could now prevent further gains. In addition, a bearish trend line with resistance is forming at $ 850 on the ETH / USD time chart. The 50% retracement level of Fibonacci from the last fall of the minimum of $ 895 to $ 806 is also around the same level of $ 850. Therefore, a break above the $ 850 level may trigger more recoveries in the short term.
The next big upside resistance is $ 875 followed by $ 880. On the downside, initial support is $ 828. Below the $ 828 mentioned, the price can retest the minimum of $ 806
Important indicators in the analysis
- MACD per hour: the MACD is slowly reducing its bearish slope.
- RSI per hour: the RSI has recovered very well recently, but it is still well below level 50.
- Main support level: $ 806
- Highest resistance level – $ 850