Technical Indicators:
Support Level: $250, $230
Resistance Level: $270, $275
Key Points:
- Ethereum price moved upwards to test the $280 resistance level before starting to correct downwards.
- The sellers pushed the price below $270 and $260 support levels.
- A bullish pattern is being formed on the hourly chart with the support at around $250.
- It is very essential for Ethereum price to stay above $250 and $230 support levels in order to maintain its upward trend.
Ethereum Price Analysis:
SUMMARY: Ethereum price moved ahead and tested the $280 resistance and later started to correct downwards. ETH is currently supported at $250 and $230 levels.
After falling back to the $240 level, Ethereum price started to rise massively and broke above $250 and $260 resistance levels. ETH even broke above $270 resistance level and even tested the $280 resistance level and recorded a new yearly high at around $280 before starting to correct downwards. The bears pushed the price below $270 and $260 support levels. The $250 area acted as a decent support and stopped further losses.
Currently, ETH price is facing a lot of pressure around $270 which might push the price towards testing the $250 and even $230 support levels. There is currently a bullish pattern being formed on the hourly chart with the support at around $250. However, if ETH breaks below this level, it might start a downward momentum and move towards $230 below which the overall momentum might turn bearish. The $230 support and the 100 hourly SMA is a very crucial area for Ethereum price currently as a break below this level could turn ETH price towards $200 and even $180 levels.
The chart shows that Ethereum price is currently struggling to maintain its position above $250 and might soon move towards testing the $230 or even $200 level before it could start a fresh upward momentum. It is very essential for ETH to break and settle above $270 level in order to maintain the bull run.
