Analysis

Ethereum (ETH) Price Testing Key Support: $250 Holds The Key

  • ETH price started a downside correction after trading towards the $ 265 level against the US Dollar.
  • The price declined below the $ 255 level, but the $ 250 support area is acting as a support.
  • There is a key bullish trend line forming with support near $ 253 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $ 250 pivot level to start a fresh increase in the near term.

Ethereum price corrected lower below $ 260 and $ 255 versus the US Dollar, but it was stable vs bitcoin. ETH price is likely to bounce back above $ 260 as long as it is above the $ 250 support.

Ethereum Price Analysis

Recently, there was a sharp upward move in Ethereum price above the $ 250 and $ 255 resistances against the US Dollar. The ETH/USD pair even broke the $ 260 level and settled above the 100 hourly simple moving average. Finally, the price traded towards the $ 265 level and recently started a downside correction. A swing high was formed at $ 264 and the price declined below the $ 260 support.

There was a break below the 23.6% Fib retracement level of the last wave from the $ 237 swing low to $ 264 high. However, the $ 252 level acted as a strong support. Moreover, there is a key bullish trend line forming with support near $ 253 on the hourly chart of ETH/USD. The 100 hourly SMA is also acting as a support near the $ 252 area. Besides, the 50% Fib retracement level of the last wave from the $ 237 swing low to $ 264 high is at $ 251.22 to act as a support.

The main barrier is near the $ 250 level, below which the bulls could lose control. In the mentioned case, the price may perhaps slide towards the $ 244 level. It represents the 76.4% Fib retracement level of the last wave from the $ 237 swing low to $ 264 high.

On the upside, an initial resistance is near the $ 256 level. If there is a break above $ 256 and $ 258, the price could move further higher. The main resistance is near the $ 264 and $ 265 levels, above which the price is likely to test $ 270.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading near a couple of important supports near $ 252 and $ 250. As long as the price is above $ 250, it is likely to start a fresh upward move in the coming sessions.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently gaining momentum in the bearish zone, with negative signs.

Hourly RSIThe RSI for ETH/USD is now back below the 50 level, with a few positive signs.

Major Support Level – $ 250

Major Resistance Level – $ 260

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