Ethereum is still holding the key $240 support zone against the US Dollar. ETH price is also facing an uphill task near the $248 and $250 resistance levels.
- Ethereum is consolidating in a range above the $240 support and the 100 hourly simple moving average.
- The price must gain strength above the $248 and $250 resistance levels.
- There is a short term bullish trend line forming with support near $243 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to rise further as long as it is above the $240 support zone and the 100 hourly SMA.
Ethereum Price Could Rise Further
Ethereum price remained in a tight range below the main $250 resistance zone. ETH made an attempt to rise further, but it struggled to gain strength above the $248 level.
The recent high was near $248 before the price started declining. It broke the $244 level, plus the 50% Fib retracement level of the wave from the $241 low to $248 high.However, there are many supports on the downside starting with $242. There is also a short term bullish trend line forming with support near $242 on the hourly of ETH/USD. The trend line is close to the 76.4% Fib retracement level of the wave from the $241 low to $248 high.
Bearish Move in ETH
The breakdown support seems to be forming near the $240 level and the 100 hourly simple moving average. If Ethereum fails to stay above the $240 support, there is a risk of a sharp downside extension. The next key support is seen near the $232 level. Any further losses may spark a major decline towards the $220 support zone in the coming days. Technical IndicatorsHourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.
Major Support Level – $240 Major Resistance Level – $250 Risk disclaimer: 76.4% of retail CFD accounts lose money.