Ethereum traded to a new monthly high near $249 before correcting lower against the US Dollar. ETH price is currently trading nicely above $253 and it could rally again towards $250.
Ethereum Price Holding Key SupportsThis past week, Ethereum extended its rise above the $240 resistance against the US Dollar. ETH price traded close to the $250 resistance level and settled well above the 100 simple moving average (4-hours). Ether traded as high as $249 and started a fresh downside correction (similar to bitcoin). There was a break below the $242 and $240 support levels, but the $235 support zone acted as a strong buy region. The price is currently rising and trading above the 23.6% Fib retracement level of the downside correction from the $249 swing high to $235 low. It is currently facing a strong resistance near the $240-$242 region. Ethereum price trades above $235. Source: TradingView.com There is also a crucial contracting triangle forming with resistance near $242 on the 4-hours chart of ETH/USD. The triangle resistance coincides with the 50% Fib retracement level of the downside correction from the $249 swing high to $235 low. If there is a successful break above the triangle resistance at $242, the price is likely to start a fresh increase. The main resistance on the upside is still near the $250 level, above which the price could start a strong rally towards $262 and $265. Fresh Decline in ETH?If Ethereum fails to continue higher above the $240 and $242 resistance levels, there are chances of a downside break. The first major support is near the triangle lower trend line at $238. The mains support is near the $235 level and the 100 simple moving average (4-hours), below which the price could dive sharply towards the $$220 support area. Technical Indicators 4 hours MACD – The MACD for ETH/USD is losing momentum in the bearish zone. 4 hours RSI – The RSI for ETH/USD is currently just above the 50 level. Major Support Level – $235 Major Resistance Level – $242 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money. Via https://www.newsbtc.com/2020/07/12/ethereum-could-still-rally-above-250/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-could-still-rally-above-250 |
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