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- The price of ETH has recently recovered, but it has struggled to overcome the $ 275 resistance against the US dollar.
- The price is currently under pressure and could fall below the $ 260 support zone.
- There was a break below a major uptrend line with support at $ 270 on the ETH / USD time chart (data feed via Kraken).
- The pair is currently showing bearish signs and may fall to the $ 250 support zone.
The price of Ethereum is slowly falling against the US dollar and Bitcoin. The ETH price could go down to the $ 250 support level before rising back to over $ 275.
Ethereum Price Analysis
After a strong recovery, the price of Ethereum struggled to eliminate the resistance of $ 274 and $ 275 against the US dollar. The ETH / USD has recorded a higher swing around 275 USD and has recently started trading in a range. He fell below the support levels of $ 272 and $ 270. Later, there was another attempt to clear the $ 274 level, but the bulls struggled to gain ground. As a result, there has been another decline and the price is now trading below the $ 270 level.
There was a break below a major uptrend line with support at $ 270 on the ETH / USD time chart. The pair is currently trading near the $ 266 level and the single moving average every 100 hours. In addition, it tests the Fib retracement level of 23.6% of the recent wave, which drops from $ 239 to $ 274. On the other hand, immediate support is close to the $ 260 level, below which there is a risk of further losses below the $ 255 level. Intermediate support stands at around $ 257 and the Fib retracement level is 50% of the recent wave, rising from the low of $ 239 to $ 274.
The main support is close to the $ 250 level. If the price fails to stay above the $ 250 support area, there is a risk of a sharp decline. The next stop for sellers could be around $ 242 and $ 240. On the upside, the biggest hurdle for bulls is close to the $ 274 and $ 275 levels. If there is a break-up above the $ 275 level, the price could stay above $ 280.
Looking at the chart, the Ethereum price shows some negative signs below the $ 274 level. As a result, there is a short-term downside risk below $ 260 before the price can begin to rise properly. A good close above $ 275 could give the kickoff to a move towards the $ 280 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is slowly moving into the bearish zone, with some negative signs.
RSI hourly – The RSI for ETH / USD is currently well below the 50 level and could fall to 40.
Major support level – $ 260
Major resistance level – $ 275
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