Ethereum Price Setup for Dropping lower: ETH/USD Going towards $260 Forecast
Bearish trend being experienced by Ethereum price against the US Dollar. The pair could continue dropping after closing its correction towards $260 or lower.
Ethereum Price Struggling to Keep High Ground
Yesterday started off with ETH price trying to keep the position above $290 but failed and initiated a descending movement. The main channel support of $297 was broken and so a spiking downward process started reaching to $270 and even close to $260 supporting levels.
The lowest dip was formed at $255.54 as the price now is trying correction and has moved above the 23.6 Fib retracements level since the previous downward flow: $315.21 to $255.54. For no an increasing channel pattern is forming with the support at $274 but there is a hurdle trying to clear the 38.2% Fib retracement level of the above mentioned flow.
That’s why on the downside, there is a possibility that the support could be broken. If the $274 declining way is cleared the pair could pull back to $260 or $255. On the contrary, to move upwards a spiking break above the 100 hourly SMA and the $290 is needed to increase.
Hourly MACD – The MACD is still placed well in the bearish zone.
Hourly RSI – The RSI is retreating from the 50 level and heading lower.
Support Level – $260
Resistance Level – $290
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