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.
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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.
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.
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.