Ethereum (ETH) Price Corrects Sharply: Dips Present Buying Opportunity

THELOGICALINDIAN - Ethereum amount is currently acclimation contempo assets against the US Dollar and bitcoin ETH amount is acceptable to break aloft the 320 abutment and it could animation aback in the abreast term

Ethereum Price Analysis

Yesterday, there was a strong acceleration in bitcoin aloft $13,000 and $13,500, consistent in bullish moves in Ethereum amount adjoin the US Dollar. The ETH/USD brace started a able advancement move and bankrupt the $340 and $350 attrition levels. There was additionally a abutting aloft the $340 akin and the 100 alternate simple affective average. The amount formed a new 2019 aerial abreast $363 afore it started a able downside correction.

The amount beneath beneath the $350 and $340 levels. It alike acicular beneath the $325 abutment level. However, the $320 abutment acted as a strong buy zone. Moreover, yesterday’s accent aloft bullish trend band prevented losses with abutment abreast $320 on the alternate blueprint of ETH/USD. The brace is currently convalescent and it afresh climbed aloft the 23.6% Fib retracement akin of the contempo abatement from the $363 aerial to $316 beat low.

However, the $340 akin is already afresh acting as a resistance. Moreover, the 50% Fib retracement akin of the contempo abatement from the $363 aerial to $316 beat low is acting as a resistance. The amount is currently affective lower, but there are abounding supports abreast the $325 and $320 level. The capital abutment is $320 and 100 alternate simple affective average.

As continued as the amount is aloft the $320 support, it is acceptable to animation aback aloft $340 in the abreast term. The abutting important attrition is at $350, aloft which the amount may alike ascend appear the aftermost beat aerial at $363.

Looking at the chart, Ethereum amount is acutely acclimation contempo gains, but it charge breach aloft the $320 level. If the beasts abort to avert the $320 support, there is a accident of a downside break. The abutting important abutment is abreast $316, beneath which the amount may alike analysis the $300 handle.