Ethereum price is currently correcting higher above $245 after a major decline against the US Dollar. ETH could continue to rise if the bulls regain strength above the $250 level.
In the past few days, there was a strong decline in Ethereum price below the $250 level against the US Dollar. The ETH/USD pair even broke the $240 level and the 55 simple moving average (4-hours). Finally, there was a break below the $232 support area. The pair traded to a new monthly low near the $225 support and recently started an upside correction. There was a break above the $235 resistance and the 50% Fib retracement level of the recent drop from the $254 high to $226 swing low.
Moreover, there was a break above a crucial bearish trend line with resistance near $240 on the 4-hours chart. The price even broke the 61.8% Fib retracement level of the recent drop from the $254 high to $226 swing low. However, the upward move was capped by the $250 resistance area. The price even faced a strong resistance near the 55 simple moving average (4-hours). Moreover, the 76.4% Fib retracement level of the recent drop from the $254 high to $226 swing low is acting as a solid barrier.
If there is an upside break above $250 and the 55 SMA, there could be a strong upward move. The next key resistance is near the $260 level, where sellers are likely to appear. On the downside, an initial support is at $240, below which the price might resume its decline.
Looking at the chart, Ethereum price is facing an uphill task near the $250 level and the 55 SMA. If the bulls gain pace above $250, there are chances of a fresh increase. The next key resistances are $255, $260 and $270. On the downside, the main support is at $240, below which the price might revisit the $225 area.
4 hours MACD – The MACD for ETH/USD is slowly moving into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD moved above the 50 level.
Key Support Levels – $240, followed by the $225 zone.
Key Resistance Levels – $250 and $260.
ETH price tested the $225 support area and it is currently correcting higher […]
Ahead of the launch of Bakkt’s Bitcoin (BTC) futures, bears have continued to assert control over the cryptocurrency market. Ouch.As… Read More
One of bitcoin and crypto's oldest proponents, the founder and former chief executive of U.S. online retailer Overstock, Patrick Byrne,… Read More
A pair of researchers have released the results of a formal verification of bitcoin’s lightning network.Lightning is new(ish), experimental, and… Read More
Often considered as a nascent technology, blockchain was introduced about a decade ago. Although the technology has not been around… Read More
Kate Winslet has spoken out after her image was used to advertise a Bitcoin scam Movie star Kate Winslet is… Read More