Ethereum price failed one again near the $264.00 resistance area and recently declined. ETH is currently declining, but dips towards $244.00 or $240.00 could be considered as buying opportunity.
- Ethereum price failed on two occasions near the $263.41 and $265.00 levels.
- There was a break below a major bullish trend line with support near $255.20 on the 30-minute chart.
- ETH price is currently under pressure and it could revisit the $244.00 support area.
Ethereum Price Analysis (ETH to USD)
Recently, we saw a steady rise in Ethereum price from the $238.91 swing low. ETH price broke the $255.00 and $260.00 resistance levels. However, the price once again failed to gain momentum above the $264.00-265.00 resistance area and recently started a downward move.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair failed on two occasions near the $263.41 and $265.00 levels, and recently declined below $260.00. The pair is currently declining and already traded below the $258.00 level and the 25 simple moving average (30-min).
There was a break below the 23.6% Fib retracement level of the last wave from the $238.91 low to $263.41 high. Moreover, the price traded below a major bullish trend line with support near $255.20 on the same chart.
The price is now testing the $250.00 support and the 50% Fib retracement level of the last wave from the $238.91 low to $263.41 high. If there is a downside break below the $250.00 support, the price could extend losses towards the next key support near the $244.00 zone.
On the upside, an initial resistance is near the $256.00 level and the 25 simple moving average (30-min). A successful close above the 25 SMA is likely to push the price back towards the $264.00 resistance area.
Having said that, it seems like Ethereum price could decline towards the $244.00 support before it could stage a fresh increase. If there are further losses below $244.00, ETH may perhaps revisit the $231.00 support area in the coming sessions.
Overall, there could be more downsides in ETH/USD, but the pair is likely to bounce back from the $244.00 support area.
The market data is provided by TradingView, Bitfinex.