{"id":410250,"date":"2020-01-09T04:00:24","date_gmt":"2020-01-09T04:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=410250"},"modified":"2024-06-11T13:03:32","modified_gmt":"2024-06-11T13:03:32","slug":"ethereum-corrects-5-but-here-is-why-uptrend-is-still-intact","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-corrects-5-but-here-is-why-uptrend-is-still-intact\/","title":{"rendered":"Ethereum Corrects 5% But Here Is Why Uptrend Is Still Intact"},"content":{"rendered":"<p><em>Ethereum started a downside correction from the $148 resistance versus the US Dollar, similar to bitcoin from $8,450. However, ETH price is still in an uptrend unless there is a close below $135.<\/em><\/p>\n<ul>\n<li>Ether price corrected lower after it failed to bounce from the $142 support against the US Dollar.<\/li>\n<li>The price is currently finding support near the $138 level.<\/li>\n<li>This week\u2019s followed bullish trend line was breached with support near $142 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair is still in an uptrend and likely to rise again unless the bears push it below $135.<\/li>\n<\/ul>\n<h2>Ethereum Price Holding Support<\/h2>\n<p>After a steady rise, Ethereum found resistance near the $148-$150 zone against the US Dollar. As a result, ETH price started a downside correction below the $145 and $142 support levels.<\/p>\n<p>Besides, <a href=\"https:\/\/wncen.com\/2020\/01\/08\/bitcoin-going-parabolic-to-10k\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin<\/a> is down more than 5% and it failed to stay above the $8,100 and $8,080 support levels. On the other hand, <a href=\"https:\/\/wncen.com\/2020\/01\/08\/ripple-xrp-price-dips-attractive-to-bulls\/\" target=\"_blank\" rel=\"noopener noreferrer \">ripple price is still holding the $0.2050 and $0.2000 support levels<\/a>.<\/p>\n<p>During the recent slide, this week\u2019s followed bullish trend line was breached with support near $142 on the hourly chart of ETH\/USD. Ethereum price even declined below the $138 support and the 100 hourly simple moving average.<\/p>\n<p>It is now slowly recovering and trading above the $140 level. An immediate resistance is near the $142 level. The 50% Fib retracement level of the recent decline from the $148 high to $137 low is also near $142 to protect gains.<\/p>\n<p>The first key resistance is near the $145 level. Moreover, the 76.4% Fib retracement level of the recent decline from the $148 high to $137 low is also near $145.<\/p>\n<p>Therefore, a clear break above the $145 resistance will most likely push Ethereum further higher above the $146 and $148 levels. The main target for the bulls is still above the $150 level.<\/p>\n<h2>Bearish Case for ETH<\/h2>\n<p>The main supports on the downside are near $135. If ETH price fails to stay above the $135 support area, there is a risk of a downside extension. The next key support is near the $128 zone.<\/p>\n<figure id=\"attachment_410251\" aria-describedby=\"caption-attachment-410251\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-410251\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png?resize=1828%2C868\" alt=\"Ethereum Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Ethereum-7.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-410251\" class=\"wp-caption-text\">Ethereum Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, Ethereum price is trading above a couple of important supports near $135. As long as the bulls protect $135, there are chances of a steady increase above the $142 and $145 levels in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is slowly moving into the bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now below the 50 level, with a flat bias.<\/p>\n<p>Major Support Level \u2013 $135<\/p>\n<p>Major Resistance Level \u2013 $145<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum started a downside correction from the $148 resistance versus the US Dollar, similar to bitcoin from $8,450. However, ETH price is still in an uptrend unless there is a close below $135. Ether price corrected lower after it failed to bounce from the $142 support against the US Dollar. The price is currently finding support near the $138 level. This week\u2019s followed bullish trend line was breached with support near $142 on the hourly chart of ETH\/USD (data feed via Kraken). The pair is still in an uptrend and likely to rise again unless the bears push it below $135. Ethereum Price Holding Support After a steady rise, Ethereum found resistance near the $148-$150 zone against the US Dollar. As a result, ETH price started a downside correction below the $145 and $142 support levels. Besides, bitcoin is down more than 5% and it failed to stay above the $8,100 and $8,080 support levels. On the other hand, ripple price is still holding the $0.2050 and $0.2000 support levels. During the recent slide, this week\u2019s followed bullish trend line was breached with support near $142 on the hourly chart of ETH\/USD. Ethereum price even declined below the $138 support and the 100 hourly simple moving average. It is now slowly recovering and trading above the $140 level. An immediate resistance is near the $142 level. The 50% Fib retracement level of the recent decline from the $148 high to $137 low is also near $142 to protect gains. The first key resistance is near the $145 level. Moreover, the 76.4% Fib retracement level of the recent decline from the $148 high to $137 low is also near $145. Therefore, a clear break above the $145 resistance will most likely push Ethereum further higher above the $146 and $148 levels. The main target for the bulls is still above the $150 level. Bearish Case for ETH The main supports on the downside are near $135. If ETH price fails to stay above the $135 support area, there is a risk of a downside extension. The next key support is near the $128 zone. Looking at the chart, Ethereum price is trading above a couple of important supports near $135. As long as the bulls protect $135, there are chances of a steady increase above the $142 and $145 levels in the near term. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly moving into the bullish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now below the 50 level, with a flat bias. Major Support Level \u2013 $135 Major Resistance Level \u2013 $145<\/p>\n","protected":false},"author":67,"featured_media":410252,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8323,1946],"class_list":["post-410250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n<title>Ethereum Corrects 5% But Here Is Why Uptrend Is Still Intact<\/title>\n<meta name=\"description\" content=\"Ethereum started a downside correction from the $148 resistance versus the US Dollar, similar to bitcoin from $8,450. 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