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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Could Narrowly Avoid a Major Downtrend if it Regains $240

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum failed to surpass the $250 resistance and declined sharply against the US Dollar. ETH price could continue to move down as long as it is below $240 and the 100 hourly simple moving average.

  • Ethereum started a major decline after it failed to clear the main $1250 resistance zone.
  • The price declined sharply below the key $240 support and the 100 hourly simple moving average.
  • There was a break below a crucial bullish trend line with support at $244 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded as low as $225 and it is currently correcting higher above $230.

Ethereum Price Correcting Losses

Yesterday, we saw many rejections for Ethereum price near the $250 resistance area. ETH started a strong increase below the $245 and $240 support levels.

The price even settled below the $240 support and the 100 hourly simple moving average. Moreover, there was a break below a crucial bullish trend line with support at $244 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

It opened the doors for more losses below the $230 level and the price traded to a new weekly low at $225. Ether is currently correcting higher and trading above the $230 level.

There was a break above the 23.6% Fib retracement level of the recent decline from the $250 swing high to $225 low. The price is now approaching the $235 resistance, which is likely to act as a hurdle.

The main resistance on the upside is forming near the $240 level or the 100 hourly SMA. An intermediate resistance is near the $238 level or the 50% Fib retracement level of the recent decline from the $250 swing high to $225 low. To move into a positive zone, the price must settle above the $235 and $240 resistance levels.

More Losses in ETH?

Once the current wave is complete in Ethereum near $235 or $240, it is likely to resume its decline in the near term. An initial support is seen near the $225 level.

The first major support is near the $220 level, below which ether price is likely to accelerate lower towards the $205 and $200 support levels in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting higher towards the 50 level.

Major Support Level – $225

Major Resistance Level – $240

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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