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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Ethereum (ETH) Price In Corrective Decrease: $230 Support Holds Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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  • ETH price climbed further higher and tested $280 before correcting lower against the US Dollar.
  • The price started a downside correction and traded below the $270 and $260 supports.
  • There is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $230 support area to avoid an extended downside correction.

Ethereum price climbed towards the $280 level before correcting lower versus the US Dollar and bitcoin. ETH is likely to find support near the $250, $244 and $240 levels in the near term.

Ethereum Price Analysis

After testing the $240 support, Ethereum price started a fresh increase above $260 against the US Dollar. The ETH/USD pair broke the $270 and $275 resistance levels. It traded to a new 2019 high close to the $280 level and recently started a downside correction. There was a break below the $265 and $260 support levels. It seems like the price is struggling to stay above the $270 and $275 levels. Sellers pushed the price below the 50% Fib retracement level of the recent wave from the $240 low to $280 swing high.

The price even broke the $260 support area and spiked below the 61.8% Fib retracement level of the recent wave from the $240 low to $280 swing high. However, the $250-252 support area is currently acting as a strong barrier for sellers. Moreover, there is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD. Therefore, the pair is likely to find strong bids near the $250 support area. If there is a downside break, the next key support is near the $240 level, where bulls are likely to protect losses.

The next key support below the $240 level is near $231. It coincides with the 1.236 Fib extension level of the recent wave from the $240 low to $280 swing high. More importantly, the 100 hourly simple moving average is also positioned near the $230 zone. Therefore, a break below the $230 level could trigger a nasty downside correction towards $210 or $200.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price seems to be correcting gains from the $200 swing low. It might continue to struggle, but it is likely to bounce back from $240 or $230. On the upside, a proper close above the $270 barrier is needed for a fresh increase in the near term.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD slowly moved down and it is currently just below the 50 level.

Major Support Level – $240

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.

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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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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

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