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- ETH prices hit a new high in 2019, close to $ 290, and fell sharply against the US dollar.
- The price reversed the bulk of its gains and traded below the support levels of $ 260 and $ 250.
- There was a break below a major uptrend line with support at $ 266 on the ETH / USD time chart (data feed via Kraken).
- The pair has tested the level of $ 240 and is currently correcting more towards resistance of $ 260 and $ 264.
The price of Ethereum fell sharply below 260 USD against the US dollar, but remained stable compared to Bitcoin. The price of ETH is currently rising, but it could face strong resistance at around $ 265.
Ethereum Price Analysis
Yesterday, the price of Ethereum again rose above the level of 280 USD against the US dollar. The ETH / USD has even crossed the last peak and reached a new high in 2019, nearly $ 290. However, the bulls did not gain momentum and the price dropped below $ 280. There has been a significant downward movement below support levels of $ 270 and $ 265. The price is even set below the $ 265 level and the single moving average every 100 hours.
In addition, a break was under a major uptrend line with support at $ 266 on the ETH / USD time chart. Finally, there was a peak below the $ 245 support level. A low swing was formed near $ 240 and the price is currently correcting higher. It has risen above the Fib retracement level of 23.6% from the recent decline in the maximum of $ 290 to $ 240. However, there are many upside obstacles near the $ 262 and $ 265 levels (recent support areas).
In addition, the Fib retracement level of 50% of the recent decline of the maximum of $ 290 to $ 240 is also close to the $ 264 level to avoid gains. The price will likely struggle to exceed the $ 264 level and there is a risk of further decline. On the downside, immediate support is close to the $ 252 level, below which the price could move to the support zone of $ 245.
Looking at the chart, the Ethereum price is trading at a crucial time below $ 265. As long as there is no close above $ 265, there is a risk of further decline. On the downside, the main support is $ 245, below which the price could even exceed $ 240 and reach even lower levels. The next main support is close to the $ 232 level, where bulls might emerge.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is slowly reducing its downside, with many negative signs.
RSI hourly – The RSI for ETH / USD is currently recovering from oversold readings and remains well below level 50.
Major Support Level – $ 245
Major resistance level – $ 265
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