RATE Group | Ethereum Price Technical Analysis – ETH/USD Dips Remains Supported
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Ethereum Price Technical Analysis – ETH/USD Dips Remains Supported

25 Apr Ethereum Price Technical Analysis – ETH/USD Dips Remains Supported

Posted at 06:30h in Ethereum News by

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Key Highlights

  • ETH price corrected lower after trading as high as $712.43 against the US Dollar.
  • Yesterday’s highlighted two key bullish trend lines with current support at $675 and $665 are intact on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains well supported on the downside and it could bounce back above $700.

Ethereum price is positioned nicely for more gains against the US Dollar and Bitcoin. ETH/USD is recovering after a sharp downside correction towards $675.

Ethereum Price Supports

There were further gains above $685 in ETH price against the US Dollar. The price traded above the $700.00 level and formed a high at $712.43. Later, a downside correction was initiated from the $712.43 swing high and the price corrected below $690. It declined below the 23.6% Fib retracement level of the last upside wave from the $635 low to $712 high.

However, the decline was protected by the $675 support area. It seems like the 38.2% Fib retracement level of the last upside…

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