Ethereum Price Technical Analysis – ETH/USD Correcting Lower

Key points

• The price of ETH began correction of the downward flow after it traded against $830 against the US dollar.
  There was a gap below the key line of the bullish trend with support at $805 on the hourly chart of ETH / USD (data from Bitstamp).
  The pair can fix several points further, but it can find support near the $725-730 zone.
  

The price of Ethereum is corrected lower relative to the US dollar and bitkoyu. ETH / USD remains supported above $725, which is also a turning zone.

Last week, ETH prices exceeded US $800 against the US dollar. The price traded above the level of $830, before encountering strong resistance. Later, the correction of the recession was started, and the price fell below the support levels of $800 and $780. There was also a break below the Fib correction level of 23.6% of the latest wave from a low of $664 to $833.

On a chart, the price is currently in the correction phase below $800. However, he must remain above the support of $725, To declare increased pressure on the sale. On the other hand, the initial resistance is 760 dollars. Having said this, in order for the price to gain traction, a break above the level of 770 US dollars and 100 hours of SMA is needed. The MACD is now in the bearish zone. The StochRSI is currently approaching the 30 level.