- ETH price traded to a new 2019 high close to $290 and declined heavily against the US Dollar.
- The price reversed most its gains and traded below the $260 and $250 support levels.
- There was a break below a major bullish trend line with support at $266 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair tested the $240 level and it is currently correcting higher towards the $260 and $264 resistances.
Ethereum price declined heavily below $260 versus the US Dollar, but remained flat vs bitcoin. ETH price is currently correcting higher, but it could face a strong resistance near the $265 area.
Ethereum Price Analysis
Yesterday, there were further gains in Ethereum price above the $280 level against the US Dollar. The ETH/USD pair even broke the last swing high and traded to a new 2019 high near $290. However, the bulls failed to gain momentum and the price declined sharply below $280. There was a major downward move below the $270 and $265 support levels. The price even settled below the $265 level and the 100 hourly simple moving average.
Moreover, there was a break below a major bullish trend line with support at $266 on the hourly chart of ETH/USD. Finally, there was a spike below the $245 support level. A swing low was formed near $240 and the price is currently correcting higher. It moved above the 23.6% Fib retracement level of the recent decline from the $290 high to $240 low. However, there are many hurdles on the upside near the $262 and $265 levels (the recent support zones).ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly reducing its bearish slope, with many negative signs.
Hourly RSI – The RSI for ETH/USD is currently recovering from the oversold readings and remain well below the 50 level.
Major Support Level – $245