Ethereum Price Sees Significant Technical Correction, But Main Support is Maintained

Ethereum price initiated a downward correction from the $1,840 region against the US Dollar. ETH is still holding the $1,700 support and may attempt a new increase.

  • Ethereum reacted downwards from the main $1,840 resistance region.
  • The price is trading below $1,780 and the 100 hourly simple moving average.
  • On the hourly ETH/USD chart, a significant bullish trend line was broken with support at $1,750.
  • If the pair stays above the main $1,700 support region, a new increase may start.

Ethereum Price Correcting

Ethereum price initiated a downward correction from the $1,820 resistance region. ETH corrected below $1,800, similar to Bitcoin.

The Fed raised interest rates and a significant bullish trend line with support at $1,750 was broken. The pair dropped below the $1,750 support region. A low was formed near $1,713 and the price is now consolidating losses.

Currently, the Ether price is trading below $1,780 and the 100 hourly simple moving average. The downward movement is testing the 23.6% Fib retracement level of the move from the $1,825 high to $1,713 low.

On the upside, the price is facing resistance near the $1,760 region. The next major resistance is near the $1,770 region and the 100 hourly simple moving average. This is close to the 50% Fib retracement level of the move from the $1,825 high to $1,713 low.

Ethereum Price
Source: ETHUSD on TradingView.com

The first major resistance is near $1,800. A close above the $1,800 resistance region may send the price towards $1,840. If bulls surpass the $1,840 hurdle, a strong upward movement may occur.

Downward Break in ETH?

If Ethereum fails to surpass the $1,770 resistance, it may initiate another decline. The first support for the downward movement is near $1,720.

The next major support is near the $1,695 region. A break below $1,695 may lead to bearish momentum and a drop below $1,620. Further losses may require testing the $1,550 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently below the 50 level.

Major Support Level – $1,700

Major Resistance Level – $1,770

BREAKING NEWS

Notorious Crypto Scammer Roman Novak and Wife Murdered in UAE Kidnapping Linked to Fintopio Assets as 7 Suspects Arrested

COINOTAG reports a high‑profile case in which a convicted...

Bitcoin OG Whales Sell-Off Accelerates as Long-Term Holders Exit, On-Chain Data Signals Large-Scale Cash-Out

COINOTAG News, November 9, highlighted remarks from Charles Edwards,...

Bitcoin at $104K Could Trigger $8.64B in Short Liquidations on CEXs; A $100K Dip Could Spark $8.92B in Long Liquidations

According to Coinglass data, current analytics point to two...

Bitcoin Dominance Falls as Altcoins Eye Momentum After Analyst Warns of Dead Cat Bounce

COINOTAG News reports that analyst Matthew Hyland links bullishness...

Bitcoin: ‘Bankruptcy Whale’ James Wynn Closes 40x Short, Realizes $85,380 Profit but Still Needs $21.9M to Break Even

According to OnchainLens analytics, on November 9 the market's...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img