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.
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 below the $830 support, the next major support is the 50% Fib retracement level of the last wave from the $768 low to $865 high at $817. Read more from newsbtc.com…
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