Ethereum traded as high as $1,437 before starting a downside correction against the US Dollar. ETH price is approaching a key support at $1,340 and $1,320.
- Ethereum surged above $1,400 and traded towards the $1,440 zone.
- The price is currently correcting lower from $1,437, but it is well above the 100 hourly simple moving average.
- There is a major declining channel forming with support near $1,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct further, but the price is likely to remain stable above $1,340 and $1,325.
Ethereum Price is Correcting Gains
Yesterday, we saw a sharp increase in Ethereum above $1,350 and $1,400. ETH price traded above the $1,420 resistance, and traded as high as $1,437 before starting a downside correction.
There was a short-term downside correction below the $1,400 level. There was a break below the 23.6% Fib retracement level of the upward wave from the $1,215 swing low to $1,437 high. Ether is now trading below the $1,380 and it is approaching a couple of important supports at $1,340.