It looks like the price may continue to correct lower in 2-3 waves. On the downside, the $300 handle and then $360 support may play a major role in the near term.
Hourly MACD – The MACD is now flat and signaling correction pattern.
Hourly RSI – The RSI is moving just near the 50 level.
Major Support Level – $260
Key Highlights
There was a sharp decline in ETH price below $280 against the US Dollar before
finding support at $256.
There is a bearish trend line with resistance at $338 formed on the hourly chart of ETH/USD
(data feed via SimpleFX).
The pair may continue to correct lower as long as there is no close above the $350 level.
Ethereum price correction looks real against the US Dollar and Bitcoin, and ETH/USD may continue to move up and down towards $300 for some time.