Price ether ETH formed a short term top against the US dollar, and can make correction to the downside in the near future.
Key points
- Price ETH after attempts to clear the major resistance area against the US dollar has moved.
- There is a probability that a pair of ETH/USD forms a double top on the hourly chart (data SimpleFX).
- If current trends remain unchanged, there will be the possibility of testing the 100-hour moving average.
Price ether ETH formed a short term top against the US dollar, and can make correction to the downside in the near future.
Retracement live
Price ether ETH tested a few times $12.65 in relation to the U.S. dollar over the past few sessions, but was unable to break through. ETH the bulls failed to break the highlighted resistance area, with the result that the price changed direction in the opposite direction. Dedicated short-term bullish trend on the hourly chart ETH/USD (data SimpleFX) was also violated in the course of the downward movement.
The price closed below 38.2% Fibo from $10.85 to $12.66 . Thus, there is a possibility of extending the current correction. It should be noted that the price may form double top around $12,65. There are two deviations around the set level, so there may be movement in the direction of $11,50.
The technical analysis prices live
If the price will continue the correction to the downside, the 61.8% Fibo from $10.85 to $12.66 will probably stay at $11,54. The stated level is of great importance, since the 100 hour moving average is located just below. In General, the price to correct further, but is still supported on the lower side.
The hourly MACD — MACD is going to change the traffic to the bear area, calling for substantial losses.
Hour RSI — the RSI indicator is also moved below the neutral level.
The main level of support — $ 11.50
Major resistance is $ 12,20