{"id":439955,"date":"2020-09-29T05:48:58","date_gmt":"2020-09-29T05:48:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=439955"},"modified":"2024-06-11T14:16:58","modified_gmt":"2024-06-11T14:16:58","slug":"ethereum-larger-degree-correction-to-330","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum-larger-degree-correction-to-330\/","title":{"rendered":"Ethereum Close Below $350 Could Spark Larger Degree Correction To $330"},"content":{"rendered":"
Ethereum tested the $370 resistance before correcting lower against the US Dollar. ETH price could start a larger decrease if it fails to stay above $350 and $348.<\/em><\/p>\n Ethereum extended its rise above the $365 resistance<\/a>, but it failed to clear the $370 level. A new weekly high is formed near $370 and ETH price is currently correcting lower (similar to bitcoin).<\/p>\n There was a break below the $365 and $360 levels to start the current decrease. The bears were able to push ether price below the 50% Fib retracement level of the upward move from the $347 low to $369 high.<\/p>\n More importantly, there was a break below a major ascending channel with support near $355 on the hourly chart of ETH\/USD. The pair is now trading below the $355 support and the 100 hourly simple moving average.<\/p>\n <\/a><\/p>\n An immediate support is near the $352 level. It is close to the 76.4% Fib retracement level of the upward move from the $347 low to $369 high. The first major support is near the $350 and $348 levels. If ether fails to stay above the $348 support level, there is a risk of a larger degree correction.<\/p>\n The next major support is near the $342 level, below which the bearish might aim a test of the $333 support. It represents the 1.618 Fib extension level of the upward move from the $347 low to $369 high.<\/p>\n If Ethereum manages to stay above the $352 and $350 support levels, it could attempt a fresh increase. An initial resistance for the bulls could be near $355.<\/p>\n\n
Ethereum Price is Showing Bearish Signs<\/h2>\n
Ethereum price settles below $355. Source: TradingView.com<\/a><\/pre>\n
Fresh Increase in ETH?<\/h2>\n