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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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Can Ethereum Bulls Overcome This Hurdle To Start Fresh Rally?

Aayush Jindal by Aayush Jindal
4 years ago
in Ethereum, Technical analysis
Reading Time: 2 mins read

Ethereum decline to a new 3-week low at $208 against the US Dollar, similar to bitcoin. ETH price could correct higher in the short term, but upsides are likely to remain capped near $242.

  • ETH price is currently showing a few recovery signs from the $208 low against the US Dollar.
  • The price is now trading above the $220 level, but it is facing many hurdles.
  • There is a major bearish trend line forming with resistance near $225 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to correct above $230, but the bulls could struggle near $242 and $243.

Ethereum Price is Correcting Losses

This past week, Ethereum declined steadily below the $250 support level against the US Dollar. ETH price even traded below the $242 support level and settled well below the 100 simple moving average (4-hours).

It traded as low as $208 and recently started an upside correction. There was a break above the $215 and $220 resistance levels. The price even climbed above the 23.6% Fib retracement level of the key decline from the $278 swing high to $208 weekly low.

However, Ethereum seems to be facing a couple of hurdles near the $230 zone. There is also a major bearish trend line forming with resistance near $225 on the 4-hours chart of ETH/USD.

Ethereum Price
Ethereum Price

If the bulls succeed in clearing the trend line resistance, the next stop for the bulls could be $236. The main hurdle on the upside is near the $242 and $243 levels. The 50% Fib retracement level of the key decline from the $278 swing high to $208 weekly low is also near the $243 level to act as a major resistance along with the 100 simple moving average (4-hours).

Therefore, the bulls are likely to struggle near $242, $243, and the 100 simple moving average (4-hours). A successful close above the $243 level and the 100 SMA is needed to start a fresh increase towards the $270 level.

$200 As an Important Support

On the downside, an initial support is seen near the $215 level. The first key support for Ethereum is near the $208 and $205 levels.

The main support is still near the $200 handle, below which there is a risk of a trend change from bullish to bearish in the medium term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

4 hours RSI – The RSI for ETH/USD is recovering and it is above the 40 level.

Major Support Level – $205

Major Resistance Level – $242

Tags: ETHethereum
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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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