Ethereum Price Daily Development: ETH Forecast Slowly Returning to Supports
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.