Ethereum price analysis shows that the coin has started correcting lower after the bulls fail to break above the $280 resistance level.
Ethereum Price Medium-term Trend
Recently, the price of Ethereum (ETH) failed to spike above the $270 and $280. As a result, there was a downside correction below the $275 and $270 levels. Besides, the price dropped below the $265 support but found support at the $260 level.
At the time of writing this Ethereum price analysis, the coin is changing hands near the $260 level.
On the downside, should the price move below $260 support level, there is a possibility that the price could hit the support levels at $250 and $240. On the upside, if more buyers emerge, the coin will rise and test the $270 and $280 resistance level. A successful breakthrough above the $280 level will empower the bulls to push the price near the $290 and $300 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-term Trend
On the 1-hour chart, the price of ETHUSD is currently in a bearish trend below the $270 and $268 level. However, if the pair fails to continue above the $260 resistance, it could decline once again. An initial support is near the $255 level.
The main support on the downside is near the $245 and $240 levels. If the bulls fail to defend the $240 support area, there is a risk of a larger decline towards the $210 level in the short term.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance levels: $270, $280, $300
- Support levels: $250, $240, $210
Disclaimer
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
