HomeAltcoin NewsEthereum Price Analysis: ETH Holding Crucial Uptrend Support At $240

Ethereum Price Analysis: ETH Holding Crucial Uptrend Support At $240

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  • Ethereum price is trading in an uptrend above the $240 support against the US Dollar.
  • ETH price must break the $248 and $252 resistance levels for more gains.
  • There is a key bullish trend line forming with support near $240 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to accelerate higher towards $265 if it clears the $252 level.

Ethereum price is showing a few positive signs above $240 against the US Dollar. ETH/USD is currently struggling to gain strength above the $248 and $252 resistance levels.

Ethereum Price Analysis

After a strong surge, Ethereum price failed to retain strength above the $250 level against the US Dollar. ETH price traded as high as $253 and later corrected lower below the $240 level.

However, the price found support near the $225 level and remained well bid above the 55 simple moving average (4-hours). In the past few days, the price recovered from $225 and climbed above the $240 level.

There was a break above the 50% Fib retracement level of the downward move from the $253 high to $225 low. On the upside, the price seems to be facing a strong resistance near the $248 and $252 levels.

Ethereum is also struggling to gain pace above the 76.4% Fib retracement level of the downward move from the $253 high to $225 low. On the downside, there is a key bullish trend line forming with support near $240 on the 4-hours chart.

If the price fails to stay above the trend line support, it could start a fresh decline below the $240 level. A successful close below the 55 simple moving average (4-hours) may perhaps push the price back towards the $225 support level in the near term.

Conversely, the price could start a major upward move above the $248 and $252 resistance levels. In the mentioned case, the bulls are likely to aim a test of the $265 level. Any further gains might lead the price towards the $280 resistance zone in the coming sessions.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is trading in an uptrend above the $240 support. It seems like the price is likely to accelerate higher towards $265 if it clears the $252 level. If not, it could dive to $225 or $220.

Technical indicators

4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still above the 50 level.

Key Support Levels – $240, followed by the $225 zone.

Key Resistance Levels – $252 and $265.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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