EagleFX

Ethereum price corrected lower, but stayed above the $260.00 support. ETH price is back above $265.00 and it could continue to rise towards the $270.00 and $275.00 resistances.

  • Ethereum price is showing positive signs after it held the key $260.00 support area.
  • ETH/USD broke a connecting bearish trend line near $264.00 on the 30-minute chart.
  • It could continue to grind higher towards the $270.00 and $275.00 resistance levels.

Ethereum Price

Read: Our Guide to Trading on eToro

Ethereum Price Analysis (ETH to USD)

Recently, bitcoin and Ethereum started a downside correction below $9,200 and $270 respectively. ETH even broke the $265.00 range support level and tested the next key support at $260.00.

Ethereum Price Analysis (ETH to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair declined sharply after it broke the $270.00 support and the 25 simple moving average (30-min). Finally, the $260.00 level acted as a strong support and a swing low was formed at $260.01.

The price is currently recovering and it already climbed back above the key $265.00 level. It tested the 50% Fib retracement level of the recent drop from the $276.09 high to $260.01 low.

Moreover, the price broke a connecting bearish trend line near $264.00 on the same chart. To continue higher, the price must break the $268.00 resistance. The next resistance is near the $270.00 level, which is close to the 61.8% Fib retracement level of the recent drop from the $276.09 high to $260.01 low.

If there is a successful close above $270.00, the price is likely to continue higher towards the $272.00 and $274.00 resistance levels. The main hurdle for the bulls this week is near the $276.00 level.

Conversely, if Ethereum price fails to move above the $270.00 resistance, it could struggle to stay above the key $265.00 support. In the mentioned bearish case, the price is likely to revisit the $260.00 support level.

Overall, ETH price is trading with a positive bias above $265.00 and it is likely to climb above $270.00 again. On the other hand, if the bulls struggle to gain strength, there is a risk of more losses below $265.00 and even $260.00.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto
eToro Risk Warning: 75% 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 *