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Ethereum price failed near the $274.00 level and recently declined below $265.00. ETH declined towards the $255.00 support area and it seems like there could be more losses in the near term.

  • Ethereum price declined recently after it failed to surpass the $275.00 resistance.
  • There was a break below a major bullish trend line with support near $265.00 on the 30-minute chart.
  • ETH price could correct higher in the short term, but upsides are likely to remain capped near $270.00.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

After a strong recovery, bitcoin, Ethereum, BCH, BSV and a few other major altcoins faced a strong selling interest. ETH price failed near the $274.00 level and recently declined below the $270.00 and $262.00 support levels.

Ethereum Price Analysis (ETH to USD)

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair formed a swing high at $273.70 before a fresh downward move below the $270.00 level. The decline was such that the price broke the $262.00 support and settled below the 25 simple moving average (30-min).


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During the decline, there was a break below a major bullish trend line with support near $265.00 on the same chart. The price even spiked below the $260.00 level and traded as low as $255.07.

It is currently correcting higher above $260.00 and the 23.6% Fib retracement level of the recent drop from the $273.70 high to $255.07 low. On the upside, there are many hurdles near the $268.00 and $270.00 levels.

There is also a bearish trend line forming with resistance near the $267.50 level. An initial hurdle is near the $265.00 level and the 50% Fib retracement level of the recent drop from the $273.70 high to $255.07 low.

Moreover, the 25 simple moving average (30-min) is also near the $265.00 level to act as a hurdle. Therefore, a successful break above the $265.00 and $268.00 levels could open the doors for more gains in the near term.

Overall, Ethereum price is currently correcting higher, but it could face a strong resistance near the $268.00 level. If there is an upside break, ETH could even break $274.00. On the downside, the main supports are near $255.00 and $250.00.

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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