RATE Group | Ethereum Price Analysis: ETH/USD Could Correct Towards $240
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Ethereum Price Analysis: ETH/USD Could Correct Towards $240

07 Sep Ethereum Price Analysis: ETH/USD Could Correct Towards $240

Posted at 07:32h in Ethereum News by

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Key Highlights

  • ETH price found support near the $209 level and later corrected higher against the US Dollar.
  • There was a break above a short-term bearish trend line with resistance at $226 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to extend the current correction towards the $238 and $240 resistances.

Ethereum price is slowly correcting higher against the US Dollar and bitcoin. ETH/USD could correct further higher towards the $240 resistance in the near term.

Ethereum Price Correction

Recently, there was a sharp decline in ETH price from the $288 swing high against the US Dollar. The ETH/USD pair declined below $250, 100 hourly simple moving average and $225. It traded as low as $209 and later, it started an upside correction and traded above the $215 level. There was a push above the 23.6% Fib retracement level of the last decline from the $283 swing high to $209 low.

Moreover, there was a break above a short-term bearish trend line with resistance at $226…

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