Ethereum is facing tough resistance to the upside after the massive drop on Wednesday and during the Asian trading hours on Thursday. Prior to the declines, Ethereum holding ground above $305. The upside had been capped at $315 giving way to declines amid increasing volatility. The drop could not find support at $300, $280 and $270 (all previous support zones). ETH/USD extended the losses towards $260 but formed a monthly low at $262.
While a correction has made it above $270, the confluence detector highlights first resistance at $217.82. Three indicators converge to form the confluence: The previous high 15-mins, previous high 1-h and previous week low. Further correction upwards will come face to face with the resistance at $280 broken support: Bollinger Band 1-h Lower, Previous Low 4-h and Previous Low 1-day. $294 is the strongest hurdle in the medium-term with correction above $300 having to face resistance at $305.
On the downside, initial support is observed at $266. Various technical indicators converging here include Pivot Pint 1-Week S1, 50 SMA 1-D and Previous Low 1-h. Bulls must ensure to keep the price above $260, otherwise, Ethereum risks breaking down to $243 support target.
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Bulls must ensure to keep the price above $260, otherwise, Ethereum risks breaking down to […]
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