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 (data feed via SimpleFX).
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
There was a decent upside move in ETH price above the $850 level against the US Dollar. The price traded above the $860 level as well, but it failed to move past the $865 level. It faced tiny sell offers and started a downside correction from $865. It broke the 23.6% Fib retracement level of the last wave from the $768 low to $865 high. It seems like the price may decline a bit more towards $810, but it remains supported.
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 …
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