Ethereum started a sharp downside correction below $1,200 against the US Dollar. ETH price is down 20%, but is approaching a crucial support at $1,000 and the 100 hourly simple moving average.
Ethereum failed to stay above the $1,200 support and declined heavily below $1,150. The price is down 20%, and it is approaching the $1,000 support and the 100 hourly simple moving average. There was a break below a major ascending channel with support near $1,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to find a strong support near the $1,000 zone and the 100 hourly SMA. Ethereum Price Corrects Sharply
In the past two sessions, there was a strong downside correction in bitcoin and Ethereum below $38,000 and $1,100. ETH price failed to stay above the $1,200 support and declined heavily below $1,150.
There was a strong bearish wave after there was a close below the $1,200 level.