- 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
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.
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