RATE Group | Ethereum Price Analysis: ETH/USD Could Correct Towards $285-286
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Ethereum Price Analysis: ETH/USD Could Correct Towards $285-286

29 Aug Ethereum Price Analysis: ETH/USD Could Correct Towards $285-286

Posted at 06:46h in Ethereum News by

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Key Highlights

  • ETH price traded above the $290 level and almost tested the $300 resistance against the US Dollar.
  • This is an ascending channel in place with support at $291 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to correct lower in the near term towards the $286 or $285 support.

Ethereum price is moving nicely above $285 against the US Dollar, but stayed bearish vs bitcoin. ETH/USD may well correct lower towards $285 before resuming upsides.

Ethereum Price Trend

There was a slow and steady rise in ETH price from the $274 swing low against the US Dollar. The ETH/USD pair traded higher and broke the $285 and $290 resistance levels. There was even a close above the $285 level and the 100 hourly simple moving average. The price climbed higher and it almost tested the $300 resistance zone. A high was formed at $298.31 and the price is currently correcting lower.

It is currently testing the 23.6% Fib retracement level of the recent leg from the $274 low to…

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