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.
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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.
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.