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Ethereum price is trading with a positive tone above the $245.00 and $240.00 supports. ETH could start a strong upward move once it clears the $254.00 and $255.00 levels.

  • Ethereum price is trading above the main $240.00 and $245.00 support levels.
  • There is a key bearish trend line forming with resistance near $254.00 on the 30-minute chart.
  • ETH price is likely to start a decent upward move above the $255.00 resistance level.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

Recently, there was another downside correction in Ethereum price below the $245.00 support. ETH price traded as $238.91 and recently rebounded above the $240.00 and $245.00 levels.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair gained pace above the $245.00 level and the 25 simple moving average (30-min). There was also a break above a connecting bearish trend line with resistance near $246.00 on the same chart.


3Commas

The price traded above the 50% Fib retracement level of the last decline from the $265.00 high to $238.91 low. The bulls managed to push the price above the $250.00 level, but the price struggled to gain pace above the $255.00 level.

The 61.8% Fib retracement level of the last decline from the $265.00 high to $238.91 low is also preventing an upside break. Besides, there is a key bearish trend line forming with resistance near $254.00 on the same chart.

A clear break above the trend line resistance and $255.00 could open the doors for more gains in the coming sessions. The next key resistance area is near the $260.00 level, above which the price may continue to rise towards the $265.00 and $272.00 levels.

On the downside, an initial support is near the $245.00 level, below which the price may revisit the main $238.00 and $240.00 support levels.

Overall, the current price action is positive above the $245.00 and $240.00 levels, and it seems like Ethereum could rise above the $255.00 and $260.00 levels. If there is another dip, the $240.00 support area is likely to hold the decline.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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