After her last fall, the price began to air a correction to the upside against the US dollar, but most likely, the correction phase will not last long.
Key points
In the past few sessions ether price continued to fight and move on.
Last week at ETH / USD (Kraken data) hourly chart was isolated bearish trend that has contributed to a drop in prices.
The price is trading at $ 11.20, where it managed to find support and make a correction to the upside.
After the fall of the price of the beginning of the ether correction to the upside against the US dollar, but most likely, the correction phase will not last long.
Downtrend ETH prices
Price ether ETH continues to deal with the proposals in relation to the US dollar. This was already mentioned last week, so it is likely ETH / USD pair will continue to be under pressure from the bears. The most important point is the fact that last week's bearish trend line at ETH / USD hourly chart (Kraken data) played well as a resistance and assist rates fall.
Hour moving average also acted as a barrier. Price is currently conducting a correction in the direction of growth, is near 38.2% from $ 12.79 to $ 11.34. There is a possibility of growth, as the price is testing the level of 50% retracement of the same wave, before it can resume the downtrend.
Technical analysis ETH prices
Since now the price is below the support zone of $ 11.80, trading is better to hold back until the ETH / USD pair finally restored. On the downside, the next major support is at $ 11.20, which can play a decisive role in the further promotion.
All MACD - MACD indicator is in bearish zone with no signs of a major recovery.
All RSI - Relative Strength Index has recovered, but remained below the 50 level.
The main level of support - $ 11.20
The main resistance level - $ 12.00