Ethereum is down more than 5% as it broke the $240 support against the US Dollar. ETH price found support near $220 and it is currently correcting higher towards key hurdles.
- Ethereum failed to continue above $250 and it started a major decline.
- The price dived below $240 and it even spiked below the $230 support zone.
- There was a break below a major bullish trend line with support near $240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its decline if it fails to recover above the $240 pivot level.
Ethereum Price Turns Red
This week, Ethereum price followed a bullish path above the $220 pivot level. ETH price broke many key hurdles near the $240 and $250 levels. It even spiked above $250 resistance, but struggled to continue higher.
A high is formed near $253 and the price started a strong decline, following bitcoin’s sharp slide below $10,000. Ether price broke many key supports near the $240 level to move into a short term bearish zone.
Uptrend Support for ETH
The first major support for Ethereum is near the $230 level. The main uptrend support is near the $220 level, which acted as a strong resistance in the past few days. If the price fails to stay above the $220 support, there is a risk of a larger decline towards the $205 and $200 support levels in the near term. Technical IndicatorsHourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still well below the 50 level, with a negative bias.
Major Support Level – $230 Major Resistance Level – $240 Risk disclaimer: 76.4% of retail CFD accounts lose money.