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Ethereum price climbed higher recently above $238.00 and $246.00. ETH traded towards $265.00 and it is currently correcting lower towards key supports.

  • Ethereum price rebounded nicely from the $231.10 swing low to $264.99.
  • Recently, there was a break below a short term ascending channel with support at $257.00 on the 30-minute chart.
  • ETH price remains well bid on the downside near the $246.00 and $242.00 support levels.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

Recently, there was a strong comeback from bitcoin and Ethereum. BTC surged above the $8,000 level and ETH price climbed above the $238.00 and $246.00 resistance levels. It even broke $260.00 and traded to a new weekly high at $264.99.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair started a strong rebound from the $231.10 swing low. It settled above the $246.00 pivot level and recently traded as high as $264.99.

It is currently correcting lower below the $260.00 level and the 23.6% Fib retracement level of the recent upward move from the $231.10 low to $264.99 high. Besides, there was a break below a short term ascending channel with support at $257.00 on the same chart.

The price is currently trading below the $255.00 level and the 25 simple moving average (30-min). It tested a major support area near $246.00 and the 50% Fib retracement level of the recent upward move from the $231.10 low to $264.99 high.

At the outset, the price is trading in a range below the $255.00 level and the 25 simple moving average (30-min). A clear break above the $255.00 and $260.00 resistance levels is must for a fresh increase above the $265.00 and $268.00 levels.

On the downside, the $246.00 support area holds the key. If there is a break below $246.00, the next immediate support is near the $242.00 level.

Any further declines could push Ethereum price towards the $231.100 swing low. The current price action is neutral to bearish, but as long as ETH price is above the $242.00 support level, it is likely to bounce back above $260.00.

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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