Ethereum is still holding the key $240 support zone against the US Dollar. ETH price is also facing an uphill task near the $248 and $250 resistance levels. Ethereum price remained in a tight range below the main $250 resistance zone. ETH made an attempt to rise further, but it struggled to gain strength above the $248 level. The recent high was near $248 before the price started declining. It broke the $244 level, plus the 50% Fib retracement level of the wave from the $241 low to $248 high. However, there are many supports on the downside starting with $242. There is also a short term bullish trend line forming with support near $242 on the hourly chart of ETH/USD. The trend line is close to the 76.4% Fib retracement level of the wave from the $241 low to $248 high. If ether price breaks the trend line support, there is a decent support waiting near the $242 level and the 100 hourly simple moving average. On the upside, there is a major hurdle forming near the $248 and $250 levels. If there is a successful close above the $250 resistance, the price could start a strong increase. The next major hurdle could be near the $260 and $262 levels. The breakdown support seems to be forming near the $240 level and the 100 hourly simple moving average. If Ethereum fails to stay above the $240 support, there is a risk of a sharp downside extension. The next key support is seen near the $232 level. Any further losses may spark a major decline towards the $220 support zone in the coming days. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone. Hourly RSI – The RSI for ETH/USD is currently just above the 50 level. Major Support Level – $240 Major Resistance Level – $250 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.Ethereum Price Could Rise Further
Bearish Move in ETH
-
Cryptocurrencies
-
Exchanges
-
Block explorers
-
PoW и PoS
-
Events
-
Tools
- Long Reads
- Publish Content
-
-