Advertising revenue keep this site going. We do not actively endorse ads served to us.
DYOR. Please use your due diligence while on this site.
We also do not get information from our visitors.
cryptocurrency February 17, 2020

Ethereum started a sharp decline below the $265 and $260 support levels against the US Dollar. ETH even tumbled below $250 and it is currently correcting losses.Ethereum is down more than 8% and it even spiked below the $250 support against the US Dollar.The price traded as low as $236 and it is currently recovering losses.There is a major bearish trend line forming with resistance near $264 on the hourly chart of ETH/USD (data feed via Kraken).Bitcoin price is also under pressure and it is trading below the $10,000 level.Ethereum Price Facing HurdlesAfter starting a downside correction, Ethereum struggled to stay above the key $265 support against the US Dollar. As a result, ETH price declined sharply below the $250 support and the 100 hourly simple moving average.The bears gained traction and the price declined below the $242 support. A swing low is formed near $236 and the price is currently correcting losses. It broke the $242 and $245 levels.Besides, there was a break above the 23.6% Fib retracement level of the recent dive from the $274 high to $236 low. Ethereum even recovered above the $255 level, but the price failed to continue above the $260 area.It seems like the previous key support near $260 is acting as a strong hurdle for the bulls. More importantly, there is a major bearish trend line forming with resistance near $264 on the hourly chart of ETH/USD.Ethereum PriceEthereum PriceThe 50% Fib retracement level of the recent dive from the $274 high to $236 low is also near the $260 area and acting as a hurdle for the bulls. Therefore, a clear break above the $260 level, 100 hourly simple moving average, and the trend line is needed for a fresh increase in the near term.More Losses?If the price fails to recover above $260 and the 100 hourly simple moving average, there are chances of more losses in the near term.An initial support is near the $242 level. If there is a downside break below the $242 support, there is a risk of more losses below the $240 support area in the coming sessions. The next major support could be $235 and $232 levels.Technical IndicatorsHourly MACD The MACD for ETH/USD is slowly moving back into the bullish zone.Hourly RSI The RSI for ETH/USD is currently declining and it is well below the 50 level.Major Support Level – $242Major Resistance Level – $265

Advertisements

English简体中文日本語한국어DeutschEspañolPortuguêsFrançaisРусскийไทยNederlands