- ETH price recently traded above the $860 level, but it failed to gain momentum against the US Dollar.
- There was a break below a short term contracting triangle with support at $852 on the hourly chart of ETH/USD.
- The pair may decline a few points in the near term, but it remains supported above the $810 level.
Ethereum price is currently correcting lower against the US Dollar and Bitcoin. ETH/USD remains supported on the downside near the $820 and $810 levels.
Ethereum Price Correction
The price of ETHEREUM tried to break through 848.14 yesterday, but it is now fluctuating below it after finding strong resistance that forced the price to decline as shown in the picture. Stochastic is showing negative signs now, which is a negative incentive. .
Therefore, the bearishness will be likely in the coming sessions, and the main targets start at 712.00, taking into account that a breach of 875.00 will stop the expected decline and push the price for gains starting at 958.16 and extending to 1068.17.
At the moment, the ETH/USD pair is attempting a close below a short term contracting triangle with support at $852 on the hourly chart. However, the 100 hourly simple moving average at $830 is acting as a support. If the price moves below the $830 support, the next major support is the 50% Fib retracement level of the last wave from the $768 low to $865 high at $817. The mentioned $817 support could stop the current decline and act as a buy zone. Moreover, the $810 level is also a decent support.