The price of Ethereum reversed again and is now down by around 4% as the ETH decline made the coin fall below 0, which was the major support line.
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However, investors are not worried because of the fact that the correction was market-wide – and the fact that they know ETH has a true potential for a new bullish run.
In fact, there is a rising channel that is forming with support near $237 and the pair could continue to rise as long as it is above the $240 support levels. Currently, the ETH news show that the coin is below this support level but many things may change soon.
The pair could continue to rise and is doing that today, hopefully with a continuation which will bring it above $240 at some point today. While yesterday we saw a sharp decline in the Ethereum price below $240, the price even spiked below the $240 support and the 100 hourly simple moving average.
Still, in times when the Bitcoin news are showing similar losses, ETH is a bit more stable. The coin traded as high as $246 and is currently consolidating gains. More importantly, it seems like there is some rising channel forming with support near $242 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $250 level and the channel upper trend line.
If the price clears the $250 resistance soon, it is likely to continue higher and reach the $255 level. Any further gains might call for a new test of the $262 level or even the $268 level. But if ETH fails to stay above the $240 and $242 levels, it could start a fresh decline to $230 or even lower depending on the strength of the bears.
The next major support as Ethereum reversed is seen below the $232 level and $230, both of which could accelerate a new decline and the price of the coin might revisit the $218 swing low. The technical indicators now look as following:
- Hourly MACD – The MACD for ETH/USD has weak momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is currently above the 50 level, holding a positive bias.
- Major Resistance Level – $250
Meanwhile, the rest of the market is also trying to push higher after the reversal from last night.
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