Ethereum price on its upward recovery momentum looks like lost its steam against the US Dollar. Now ETH has broken the support and aiming the $240 could be next.
Ethereum struggled to Close above $300
There was a long running attempt of the buyers to push the value above the major $300 mark but with failure. It did range bound below $290 for some time at least before the sellers took control. Important supports were cleared and the pair continued below $270 today. On the 100 hourly SMA first the break took out the $285 mark. Then Yesterday’s development was described with a declining motive past the $275 channel with an important level acting as a support – $270 on the hourly chart.
With that event taking place, gates were open for a free descending trend as the value went below the 23.6% Fib retracement level since the recovery from $198.75 to $298.70. Most importantly a bullish trend that had been formed in a weekly period has been broken with support at $270 level.
In any upside attempt of recovery, the $280 cleared support now will be acting as a resistance along the way. However it most likely seems to continue lower towards major support of $240 and the 61.8% Fib retracement level since the above mentioned wave.
- Support Level – $240
- Resistance Level – $280
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