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

Read: Guide to Vantage FX Broker

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.

Ethereum Price Analysis ETH Chart

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.


Buy Crypto    Trade Crypto
eToro Risk Warning: 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

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.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *