- ETH price surged higher and broke the $340 and $350 resistances against the US Dollar.
- The price traded to a new 2019 high at $363 before it started a major downside correction.
- Yesterday’s highlighted major bullish trend line prevented losses with support near $320 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price surged towards the $14,000 level before correcting below $13,000.
Ethereum price is currently correcting recent gains versus the US Dollar and bitcoin. ETH price is likely to stay above the $320 support and it could bounce back in the near term.
Ethereum Price Analysis
Yesterday, there was a strong rise in bitcoin above $13,000 and $13,500, resulting in bullish moves in Ethereum price against the US Dollar. The ETH/USD pair started a strong upward move and broke the $340 and $350 resistance levels. There was also a close above the $340 level and the 100 hourly simple moving average. The price formed a new 2019 high near $363 before it started a strong downside correction.
The price declined below the $350 and $340 levels. It even spiked below the $325 support level. However, the $320 support acted as a strong buy zone. Moreover, yesterday’s highlighted major bullish trend line prevented losses with support near $320 on the hourly chart of ETH/USD. The pair is currently recovering and it recently climbed above the 23.6% Fib retracement level of the recent decline from the $363 high to $316 swing low.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD recovered from the 42 level and it is currently near the 51 level.