In today’s altcoin news, we are focusing on a deep Ethereum price analysis which shows how ETH climbed above $231 and traded towards $265 – as well as its current price levels.
What you should know is that Ethereum rebounded from the $231 low in 2019 to a high of $264.99. As of recently, there was a break below a short term asecnding channel with support at $257 on the 30-minute chart. Right now, however, the Ethereum price remains well bid on the downside and trades around $249.
As Bitcoin surged above $8,000, Ethereum retraced too and the ETH price climbed above the $238 and $246 resistance levels. The Ethereum price analysis shows that ETH even broke $260 and traded to a new weekly high at $264.99, which demonstrates a strong rebound from the $231.10 swing low.
The latest cryptocurrency news show the Ethereum price correcting lower below the $260 level. Its 23.6% Fibonacci retracement level shows that there is some support but that the gains are quite independent. The ETH price is currently trading below the $255 level and the 25 simple moving average (30-min).
Any further declines could push ETH towards the $231 swing low which still remains as a level, according to our Ethereum price analysis. When it comes to the current price action, it is definitely going from neutral to bearish but as we see ETH above $242, it is likely to bounce back above $260.
In the coming altcoin news, analysts expect Ethereum to stabilize and potentially mimic another rally sparked by Bitcoin and its solid price performance. In the long run, the Ethereum price analysis shows that there is room for a lot of improvement. The second largest digital asset could open up to the $260 levels psychologically.
On the upside, the coin needs to regain the $270 barrier which is crucial in its development towards the $300 margin. As many best cryptocurrency news sites have showed, the upside is likely to gain traction and the next focus is expected on the critical $300 margin.
As we can see from this Ethereum price analysis, the second largest digital asset has a market value of $27 billion and an average daily trading volume of $11 billion, gaining 1.4% on the day since Sunday but still being down 2.5% since the beginning of Monday.
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