Ether is correcting lower against the US dollar, yet remains stable versus bitcoin. ETH/USD is hanging near a major support of $1,280.00.
Ether started a downside correction from the $1,350.00 swing high against the US dollar.
There is a short-term declining channel forming with support at $1,280.00 on the 2-hour chart of ETH/USD.
ETH/BTC is struggling to hold the bullish bias and the 0.0900BTC support level.
Technically, the 2-hour chart indicators are moving lower toward the midlines in the bullish territory.
Ether’s Price Remains Supported
There were a couple of swing moves in ETH/USD during the past three sessions, but the pair managed to hold the ground and stayed above the $1,220.00 support.
On the other hand, ETH/BTC was mostly stable. However, the pair seems to be struggling to hold the 0.0900BTC support and it could correct below the mentioned level in the short term.
Starting with the 30-minute chart of ETH/USD, there is a three-wave correction pattern visible from the $1381.27 high, and the third wave ended around the $1,284.00 level. The pair may perhaps start a fresh upside wave, but it faces two major barriers – $1,350.00 and $1,380.00.
On the downside, there is a new connecting bullish trendline forming with support at $1,280.00. Should Ether’s price fail to stay above the $1,280.00 support, there could be further declines toward the last swing low of $1,268.79. In the mentioned scenario, the price may possibly even break that recent swing low.
Looking at the 2-hour chart of ETH/USD, there is a short-term declining channel forming with support at $1,260.00. The pair seems to be following a correction pattern with an important support at $1,260.00.
Ether must hold the $1,260.00 support area to avoid an increase in the bearish pressure. Below $1,260.00, the price could test the $1,200.00 pivot region.
To sum up, the current price action is short-term, and bearish below $1,350.00. A successful 2-hour close above $1,350.00 would complete the current correction to put ETH/USD back in the bullish zone.
The MACD is currently reducing its bullish slope.
The RSI is moving lower toward the 55-50 levels.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
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