Ethereum price declined and corrected ETH/USD, but it is finding support over the $294 level to continue for more increase now.
- The correction continued until it found support at the $295 mark against the US Dollar.
- The ascending trend since yesterday on the hourly chart of the pari ETH/USD with stable mark at $294.50 is still keeping its pace.
- For now the duo is fluctuating and testing waters but it could be resuming with an uptrend over the $295 level.
Ethereum Price Against the US Dollar – Support Found
The Uptrend flow from Yesterday was a major key for this week while going over the $302 mark. It was trading at around $309-$310 when it faced selling pressure for a quick-term profit and went backwards on a descending trend. At that pace it broke lower than the 23.6% Fib retracement level since the last fluctuation from $278.50 low to $309.37 high. So it continued even below than the $297 with a 38.2% F.R.
But in contrary, on the hourly chart of the pair ETH/USD we can find a support level that did what was for the best – $294.20 which protected from continuation of the losses under the $294 mark as did the 50% Fib Retracement level of the above wave last mentioned.
Source: Simple FX
The correction process seems to be done at the supporting $294 mark. Its a matter of time before the pair continues with an increasing trend overt the $295 level. Keeping in mind that the could-be most important holding stable ground support is close to the resistance $312 which tells us for short-term traders buying is best at $295. Overall, if the $294 great-job doing support is still stable there is an upmoving towards incoming.
Hourly MACD – The MACD has just moved in the bearish zone.
Hourly RSI – The RSI is attempting to move back above the 50 level.
Support Level – $294
Resistance Level – $312