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technical analysis ethereum

Ethereum Price Analysis: ETH/USD Could Correct Towards $240

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ETH price found support near the $209 level and later corrected higher against the US Dollar.
  • There was a break above a short-term bearish trend line with resistance at $226 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to extend the current correction towards the $238 and $240 resistances.

Ethereum price is slowly correcting higher against the US Dollar and bitcoin. ETH/USD could correct further higher towards the $240 resistance in the near term.

Ethereum Price Correction

Recently, there was a sharp decline in ETH price from the $288 swing high against the US Dollar. The ETH/USD pair declined below $250, 100 hourly simple moving average and $225. It traded as low as $209 and later, it started an upside correction and traded above the $215 level. There was a push above the 23.6% Fib retracement level of the last decline from the $283 swing high to $209 low.

Moreover, there was a break above a short-term bearish trend line with resistance at $226 on the hourly chart of ETH/USD. The price tested the $230 resistance where sellers emerged. It seems like the price could dip a few points towards the $220 level. On the downside, there is a connecting bullish trend line in place with support at $221. A break below the trend line could ignite fresh bearish moves towards $209 and $205 in the near term. On the other hand, if the price moves higher, it could test the $235 and $240 resistances. Above these, the 50% Fib retracement level of the last decline from the $283 swing high to $209 low is at 248.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is currently correcting higher towards $235-240. However, recoveries are likely to face many hurdles and it won’t be easy for buyers to push the price above $240 or $248.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is currently above the 45 level.

Major Support Level – $220

Major Resistance Level – $240

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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