ETH/USD continued to trade in the red on Wednesday, third day in a row. The pair soared to a high of 14.85 levels on Friday and lost momentum, falling to a low of 11.80 levels on Tuesday. It currently trades at 12.42 levels at the time of writing.

The pair has consistently moved upwards from 7.21 levels (April 29 low) to a high of 14.85 levels and the current dip seems to be the correction that is taking place. The recent upswing seen in the Ether price was being attributed to the success of the DAO crowdfunding drive, that also pushed Ethereum’s market cap above the $1 billion mark.

With the recent correction, Ethereum’s market cap has also slipped below the $1 billion mark and currently stands at $985.80 million.

On the upside, near-term resistance is seen at 13.80 levels and a consistent break above could see the pair testing 15.20 levels and further 16.73 levels. On the reverse side, ETH/USD is likely to find support at 11.20 levels (21 DMA), and a break below could see the pair falling to 10.00 levels (61.8% retracement of 7 and 14.85) and then to 9.00 levels (100 EMA).

“ETH/USD is struggling to close above 15.00 levels and is showing a slight dip. Further fall to 11.20-25 levels seems likely”, FxWirePro said.