Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum traded close to the $240 support area and recently recovered against the US Dollar. ETH price is now trading above $255 and it is likely to continue higher towards $270 and $275.
- Ethereum is slowly recovering above the $255 and $260 levels against the US Dollar.
- The price is facing a couple of key hurdles near the $265 and $270 levels.
- There was a break above a short term declining channel with resistance near $256 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is currently consolidating above the key $9,500 support area.
Ethereum Price Could Recover Further
Yesterday, we discussed the chances of more downsides towards the $240 level in Ethereum against the US Dollar. ETH price did move down below $250 and tested the $245 support area.
A swing low is formed near $244 and the price is currently recovering higher. It surpassed the 23.6% Fib retracement level of the recent decline from the $286 high to $244 low.
During the rise, there was a break above a short term declining channel with resistance near $256 on the hourly chart of ETH/USD. Ethereum is now trading above the $255 level, but it is facing a couple of hurdles near the $262 and $265 levels.
The first key resistance is near the $265 level. It coincides with the 50% Fib retracement level of the recent decline from the $286 high to $244 low. Moreover, the 100 hourly simple moving average is also near the $265 level to act as a hurdle.
Therefore, an upside break above the $265 level and the 100 hourly simple moving average might open the doors for a decent upward move in the near term. In the mentioned case, the price is likely to recover towards the $270 and $275 levels.
Downsides Supported
If Ethereum price fails to continue above the $265 resistance and the 100 hourly simple moving average, it could decline once again. An initial support is near the $255 level.
The main support on the downside is near the $245 and $240 levels. If the bulls fail to defend the $240 support area, there is a risk of a larger decline towards the $210 level in the near term. An intermediate support is near the $232 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now just above the 50 level, with positive signs.
Major Support Level – $245
Major Resistance Level – $265
