Ethereum price faces a potential 30% correction after failing to break $400

Published on by Cointele | Published on

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The weekly chart shows a precise range as Ether's price couldn't break through the resistance zone at $450. However, some bullish indicators are also seen on the charts.

As the price of Ether broke through the MAs in the previous months, it can be said with confidence that this cryptocurrency is in bullish territory.

An apparent breakthrough occurred, after which the price of Ether rallied towards $450. In this breakout no clear support/resistance flip of this $270 zone occurred, which means a retracement toward this level will be relatively healthy.

The daily chart shows a potential rising wedge construction with decreasing volume.

Historically, Q4 is not the best period to hold ETH until it bottoms out in December.

It doesn't seem to be any different this year so far as Ether's price fell 30% since its recent high at 0.04 sats.

The Ether chart against Bitcoin is showing a clear view of the support and resistance levels.

On the higher timeframes, a potential support zone is approaching.

The ETH/BTC daily chart of Ether shows a slight bounce in the last days as the 0.028 sats area served as support.

There's no sign of reversal yet as the price of Ether still appears to be correcting.