Ethereum price failed near the $274.00 level and recently declined below $265.00. ETH declined towards the $255.00 support area and it seems like there could be more losses in the near term.
- Ethereum price declined recently after it failed to surpass the $275.00 resistance.
- There was a break below a major bullish trend line with support near $265.00 on the 30-minute chart.
- ETH price could correct higher in the short term, but upsides are likely to remain capped near $270.00.
Ethereum Price Analysis (ETH to USD)
After a strong recovery, bitcoin, Ethereum, BCH, BSV and a few other major altcoins faced a strong selling interest. ETH price failed near the $274.00 level and recently declined below the $270.00 and $262.00 support levels.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair formed a swing high at $273.70 before a fresh downward move below the $270.00 level. The decline was such that the price broke the $262.00 support and settled below the 25 simple moving average (30-min).
During the decline, there was a break below a major bullish trend line with support near $265.00 on the same chart. The price even spiked below the $260.00 level and traded as low as $255.07.
It is currently correcting higher above $260.00 and the 23.6% Fib retracement level of the recent drop from the $273.70 high to $255.07 low. On the upside, there are many hurdles near the $268.00 and $270.00 levels.
There is also a bearish trend line forming with resistance near the $267.50 level. An initial hurdle is near the $265.00 level and the 50% Fib retracement level of the recent drop from the $273.70 high to $255.07 low.
Moreover, the 25 simple moving average (30-min) is also near the $265.00 level to act as a hurdle. Therefore, a successful break above the $265.00 and $268.00 levels could open the doors for more gains in the near term.
Overall, Ethereum price is currently correcting higher, but it could face a strong resistance near the $268.00 level. If there is an upside break, ETH could even break $274.00. On the downside, the main supports are near $255.00 and $250.00.
The market data is provided by TradingView, Bitfinex.
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