RATE Group | Ethereum Price Analysis: ETH/USD Could Correct To $375-380
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Ethereum Price Analysis: ETH/USD Could Correct To $375-380

09 Aug Ethereum Price Analysis: ETH/USD Could Correct To $375-380

Posted at 07:42h in Ethereum News by

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Key Highlights

  • ETH price declined heavily and broke the $375 and $360 support levels against the US Dollar.
  • There is a short-term declining channel formed with resistance near the $362 level on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher in the short term towards the $370, $375 and $380 levels.

Ethereum price remained in a bearish zone against the US Dollar and bitcoin. ETH/USD is currently correcting higher and it may perhaps test the $380 hurdle.

Ethereum Price Recovery

There were further slides in ETH price below the $375 support level against the US Dollar. The ETH/USD pair even broke the $360 support and spiked below the $350 level. A low was formed near the $347 level and the price is currently correcting higher. It moved above the $355 level, but there are many resistances waiting on the upside to prevent gains.

The first hurdle is the 23.6% Fib retracement level of the recent decline from the $411 high to $347 low near $362. It coincides with…

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