The price of ETH is obviously very popular in the altcoin news today, especially when it started declining to a new 3-week low at $208 against the US dollar. Just like Bitcoin, the ETH price could correct higher in the short term but upsides are very likely to remain capped near $242. The big question is – can the ETH bulls overcome the hurdle and start a new rally which would again bring profits for Ethereum’s token?
The past week, we saw ETH declining steadily below the $250 support level against the US dollar. The price of the largest altcoin by market cap even traded below $242 and settled well below the 100 simple moving average (4 hours).
Ethereum’s token traded as low as $208 in the news and recently started an upside correction. There was a clear break above the $215 and $220 resistance levels and the price even climbed above the 23.6% Fibonacci retracement level of the key decline from the $278 level and swinged high to $208 as its new weekly low.
However, ETH seems to be facing a couple of hurdles near the $230 zone and there is also a major bearish trend line forming with resistance near $225 on the 4 hour chart of ETH/USD. So, can the ETH bulls succeed and start a fresh new increase towards $270?
On the downside, we can see that the initial support is placed near the $215 level. The first key support for Ethereum is near the $208 and $205 levels. The main support, on the other hand, is still near the $200 handle below which there is a major risk of a trend change from bullish to bearish in the medium term.
The technical indicators show that ETH is in a good position and may retrace. Can the ETH bulls do everything they are expected in the latest Ethereum news, however, is still a question that is making people wonder and set new predictions.
- 4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone.
- 4 hours RSI – The RSI for ETH/USD is recovering and it is above the 40 level.
- Major Support Level – $205
- Major Resistance Level – $242
What is good now is that ETH is in the green zone, now at $225.61 with a 0.14% rise on the day and stable volumes.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]