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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ethereum Just Reversed and $240 Is Imminent, Here’s Why

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum ETH

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Ethereum failed again to surpass the $288 resistance area against the US Dollar. As a result, ETH price declined sharply below $270 and it might soon revisit the $240 support.

  • Ethereum failed on a couple of occasions to surpass $286 and $288 against the US Dollar.
  • The price is down more than 5% and it broke the key $270 support level.
  • There was a break below a key bullish trend line with support near $280 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is also down 5% and it tumbled below the $9,800 support area.

Ethereum Price Could Revisit $240

Recently, we saw a decent upward move in Ethereum above the $270 and $275 levels against the US Dollar. However, ETH price failed to on a couple of occasions to surpass $286 and $288.

As a result, there was a sharp decline below the $280 support level and the 100 hourly simple moving average. It seems like there was a harsh rejection near $286 and the price formed a short term double top pattern.

There was a clear break below the 50% Fib retracement level of the upward move from the $243 low to $286 high. Moreover, there was a break below a key bullish trend line with support near $280 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

It opened the doors for more losses in Ethereum below the $270 support area. The price even spiked below the 61.8% Fib retracement level of the upward move from the $243 low to $286 high.

Therefore, there are chances of more losses in the near term below $255 and $250. The next main support for the bulls is near the $240 area. Any further losses may perhaps accelerate the decline towards the $230 support area in the near term.

Upsides Capped

If Ethereum price starts a fresh increase above the $265 resistance, it could recover towards $270. Though, there is a major resistance forming near the $270 area and the 100 hourly simple moving average.

A successful close above the $270 resistance and the 100 hourly simple moving average is needed for a fresh rally. The main hurdle for the bulls is still near the $286 and $288 levels, above which the next aim could be $300.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently gaining strength in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 50 level, with a bearish angle.

Major Support Level – $250

Major Resistance Level – $270

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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