{"id":426649,"date":"2020-06-09T08:58:17","date_gmt":"2020-06-09T08:58:17","guid":{"rendered":"https:\/\/ktsl888.com\/?p=426649"},"modified":"2024-06-11T13:06:45","modified_gmt":"2024-06-11T13:06:45","slug":"ethereum-holding-ground-above-key-supports-but-facing-uphill-task","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum-holding-ground-above-key-supports-but-facing-uphill-task\/","title":{"rendered":"Ethereum Holding Ground Above Key Supports But Facing Uphill Task"},"content":{"rendered":"<p><em>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.<\/em><\/p>\n<ul>\n<li>Ethereum is consolidating in a range above the $240 support and the 100 hourly simple moving average.<\/li>\n<li>The price must gain strength above the $248 and $250 resistance levels.<\/li>\n<li>There is a short term bullish trend line forming with support near $243 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair is likely to rise further as long as it is above the $240 support zone and the 100 hourly SMA.<\/li>\n<\/ul>\n<h2>Ethereum Price Could Rise Further<\/h2>\n<p>Ethereum price remained in a tight range below the <a href=\"https:\/\/ktsl888.com\/2020\/06\/08\/ethereum-eth-must-break-250-for-fresh-rally\/\" target=\"_blank\" rel=\"noopener \">main $250 resistance zone<\/a>. ETH made an attempt to rise further, but it struggled to gain strength above the $248 level.<\/p>\n<p>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.<\/p>\n<p>However, there are <a href=\"https:\/\/ktsl888.com\/2020\/06\/07\/ethereum-eth-likely-to-surge-above-250\/\" target=\"_blank\" rel=\"noopener \">many supports on the downside<\/a> starting with $242. There is also a short term bullish trend line forming with support near $242 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"nofollow noopener\">chart<\/a> 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.<\/p>\n<figure id=\"attachment_426650\" aria-describedby=\"caption-attachment-426650\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/Ethereum-7.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-426650\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/Ethereum-7.png?resize=1828%2C868\" alt=\"Ethereum Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/Ethereum-7.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/Ethereum-7.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/Ethereum-7.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/Ethereum-7.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/Ethereum-7.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/Ethereum-7.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/Ethereum-7.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-426650\" class=\"wp-caption-text\">Ethereum Price<\/figcaption><\/figure>\n<p>If ether price breaks the trend line support, there is a decent support waiting near the $242 level and the 100 hourly simple moving average. On the upside, there is a major hurdle forming near the $248 and $250 levels.<\/p>\n<p>If there is a successful close above the $250 resistance, the price could start a strong increase. The next major hurdle could be near the $260 and $262 levels.<\/p>\n<h2>Bearish Move in ETH<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is slowly moving in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is currently just above the 50 level.<\/p>\n<p>Major Support Level \u2013 $240<\/p>\n<p>Major Resistance Level \u2013 $250<\/p>\n<p><a href=\"https:\/\/www.plus500.com\/?id=121277&amp;pl=2\" target=\"_blank\" rel=\"nofollow noopener\">Take advantage of the trading opportunities with Plus500<\/a><\/p>\n<p>Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 chart 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. If ether price breaks the trend line support, there is a decent support waiting near the $242 level and the 100 hourly simple moving average. On the upside, there is a major hurdle forming near the $248 and $250 levels. If there is a successful close above the $250 resistance, the price could start a strong increase. The next major hurdle could be near the $260 and $262 levels. 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 Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly moving in the bearish zone. Hourly RSI &#8211; The RSI for ETH\/USD is currently just above the 50 level. Major Support Level \u2013 $240 Major Resistance Level \u2013 $250 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"author":67,"featured_media":426651,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,13625,4],"tags":[1946,8686,78803],"class_list":["post-426649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum","category-analysis","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Holding Ground Above Key Supports But Facing Uphill Task<\/title>\n<meta name=\"description\" content=\"Ethereum is still holding the key $240 support zone against the US Dollar. 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