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Ethereum price started a major decline from well above $265.00. ETH fell sharply, tested the $235.00 area and it is currently correcting higher towards key resistances.

  • Ethereum price is under a lot of pressure and it recently declined below $250.00.
  • There is a key bearish trend line forming with resistance at $253.00 on the 30-minute chart.
  • ETH price is likely to struggle to clear the $253.00 and $255.00 resistance levels.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

Recently, there was a sharp decline in bitcoin, Ethereum, BCH, ripple and a few other major altcoins. ETH price broke the key $260.00 and $255.00 support levels to enter a bearish zone.

Ethereum Price Analysis (ETH to USD)

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair even broke the $250.00 pivot level and settled below the 25 simple moving average (30-min). Finally, there was a dip below the $240.00 level and the price traded as low as $235.22.


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Later, there was an upside correction above the $240.00 level and the 23.6% Fib retracement level of the recent drop from the $271.21 high to $235.39 low.

The price moved above the $245.00 level and it is currently testing the 25 simple moving average (30-min). On the upside, there are many hurdles near the $253.00 and $255.00 levels.

There is also a key bearish trend line forming with resistance at $253.00 on the same chart. The trend line coincides with the 50% Fib retracement level of the recent drop from the $271.21 high to $235.39 low.

Therefore, if there is an upside correction, the price is likely to face a strong selling interest near $253.00 and $255.00. If there is an upside break above $255.00, the price is likely to recover above the $260.00 and $262.00 levels.

Conversely, if Ethereum price fails to move above the $255.00 barrier, there is a risk of a fresh decline. An immediate support is near the $240.00 level, below which the price could test the $235.00 support area. Any further losses may push ETH price towards the key $224.00 support area in the coming sessions.

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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