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Home / Business / Ethereum (ETH) Price in corrective reduction: $ 230 Support holds key

Ethereum (ETH) Price in corrective reduction: $ 230 Support holds key



  • ETH price climbed further higher and tested $ 280 before correction lower against US dollars.
  • The prize started a downside correction and traded below $ 270 and $ 260 support.
  • There is a large bullish trend line that provides support near $ 252 on hourly ETH / USD (data feed via Kraken).
  • The couple must stay over the support area for $ 230 to avoid a longer downsizing correction.

The Ethereum Prize climbed against the $ 280 level before correction of the lower versus the US dollar and bitcoin. ETH will likely find support near $ 250, $ 244 and $ 240 in the short term.

Ethereum Price Analysis

Having tested the $ 240 support, the Ethereum Prize started a new increase of over $ 260 against the US dollar. The ETH / USD pair broke the resistance levels of $ 270 and $ 275. It trades at a new 201

9 high near the $ 280 level and recently began a downward move. There was a break below the support levels of $ 265 and $ 260. It looks like the price is struggling to stay above $ 270 and $ 275 levels. Sellers pushed the price below the 50% Fib Claw level of the recent wave from $ 240 low to $ 280 swing high.

The price even broke the $ 260 support area and spiked below the 61.8% Fib retracement level of the recent wave from $ 240 low to $ 280 swing high. However, the support of $ 250-252 currently appears as a strong barrier to sellers. Furthermore, there is a large bullish trend line that provides support close to $ 252 on the ETH / USD hourly chart. Therefore, the couple will likely find strong bids near the $ 250 support area. If there is one drawback, the next key support is near the $ 240 level, where bulls are likely to protect losses.

Next key support below the $ 240 level is close to $ 231. It coincides with the 1,236 Fib extension level of the recent wave from $ 240 low to $ 280 swing high. More importantly, the 100 hour simple moving average is also located near the $ 230 zone. Therefore, a break below the $ 230 level may trigger an unpleasant downward move towards $ 210 or $ 200.

 In the chart, the Ethereum price looks to correct gains from $ 200 swing low. It may continue to struggle, but it is likely to jump back from $ 240 or $ 230. On the upside, a real close over $ 270 barrier is needed for a new rise in the short term. </p><div><script async src=

ETH Technical Indicators

Hours MACD MACD for ETH / USD gets pace in

Timeout RSI ETH / USD RSI slowed down and is now equal below the 50 level.

Large Support Level – $ 240

High Resistance Level – $ 270


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