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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum (ETH) Price Showing Signs of Weakness: $250 Holds Key

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
technical analysis ethereum

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  • ETH price recovered recently, but it struggled to clear the $275 resistance against the US Dollar.
  • The price is currently under pressure and it could decline below the $260 support area.
  • There was a break below a major bullish trend line with support at $270 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently showing bearish signs and it could decline towards the $250 support area.

Ethereum price is slowly moving lower versus the US Dollar and bitcoin. ETH price could decline towards the $250 support level before it might climb back above $275.

Ethereum Price Analysis

After a strong recovery, Ethereum price struggled to clear the $274 and $275 resistances against the US Dollar. The ETH/USD pair formed a swing high near $275 and recently started trading in a range. It declined below the $272 and $270 support levels. Later, there was another attempt to clear the $274 level, but the bulls struggled to gain momentum. As a result, there was another decline and the price is now trading below the $270 level.

There was a break below a major bullish trend line with support at $270 on the hourly chart of ETH/USD. The pair is currently trading near the $266 level and the 100 hourly simple moving average. Besides, it is testing the 23.6% Fib retracement level of the recent wave from the $239 swing low to $274 high. On the downside, an immediate support is near the $260 level, below which there is a risk of more losses below the $255 level. An intermediate support is near $257 and the 50% Fib retracement level of the recent wave from the $239 swing low to $274 high.

The main support is near the $250 level. If the price fails to stay above the $250 support area, there is a risk of a strong decline. The next stop for sellers could be near $242 and $240. On the upside, the key hurdle for the bulls is near the $274 and $275 levels. If there is an upside break above the $275 level, the price could continue above $280.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is showing a few negative signs below the $274 level. Therefore, there is a risk of a short term decline below $260 before the price could start a decent upward move. A proper close above $275 might kick start a move towards the $280 level.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone, with a few negative signs.

Hourly RSI – The RSI for ETH/USD is currently well below the 50 level and it might decline to 40.

Major Support Level – $260

Major Resistance Level – $275

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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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