ETH Corrected 20% And Could Find Strong Support At $1000 Level

ETH corrected 20% and could now find stronger support at the $1000 level and the 100 hourly simple moving average so let’s read more in our latest Ethereum news today.

ETH corrected 20% and the price is now approaching the $1000 support level after the break below a major ascending channel with the support near $1250 on the hourly charts of the pair. The ETH/USD pair will likely find strong support near the $1000 zone and the 100 hourly SMA. Over the past two sessions, there was a strong downside correction in BTC and ETH, as the first one reached $35,000 and ETH reached $1000. Etheruem’s price failed to stay above the $1200 support level and dropped below the $1150  zone.

There was a strong bearish wave after the close below the $1200 level and what’s even more important is that there was a break below the major ascending channel with a support of $1250 on the hourly charts of the pair. The pair broke the 50% fib retracement level from the key upwards move at the $890 swing low to the $1351 high. ETH’s price got down by 20% and it is fast approaching the $1000 support at the 100 hourly simple moving average. The 76.4%  fib retracement level from the key upwards move at the $890 swing low to the $1351 high is also nearing the $1000 as a strong support zone.

If ETH drops from the $1000 support zone, there’s a bigger risk of dropping towards the $900 support level in the upcoming sessions. If ETH stays above the $1000 support and the 100 hourly simple moving average, it could go on a fresh increase with an initial resistance on the upside nearing the $1180 level. The first key resistance was near the $1200 level so a close above the $1200 level could push ETH’s price back into the positive zone. In this stated case, it could revisit the $1300 level. The hourly MACD for the pair is gaining pace in the bearish zone while the hourly RSI for the pair is below the 50 level in the bearish angle. The major support level is set at $1000 while the major resistance level is set at $1200.

As reported yesterday, n a little over an hour, the price of the Ethereum booms to $1280. This is extremely close to the new all-time high that ETH set last time in 2018 of $1432. The rest of the market is also doing well since the global market cap surpassed $1 trillion for the first time earlier this week because of Bitcoin’s success that led the coin towards $41K. the price of BTC increased by 25% this week alone.