Ethereum (ETH) has begun to show signs of strong recovery from the recent bottom of $ 208. However, the second largest coin in the world seems to fail before the $ 240 resistance.
Challenges are still there for Ethereum
Over the past 3 days, we have seen ETH plummet below $ 250 and $ 240. The price of Ethereum even dropped more than 220 USD to hit 205 USD.
A new bottom is set for this week and prices are showing signs of correction. Price is currently stable above $ 220, Fibo threshold retreated 23.6% from the peak of 278 to the bottom of 208 USD.
Ethereum is facing major hurdles at 238 and 240 USD. More importantly, yesterday's bearish trendline remains with resistance at $ 240 on the hourly chart.
Therefore, the price may face some hurdles at 238 and 240 USD. The 100-hour SMA is now close to $ 240 to simultaneously suppress ETH's momentum.
To increase into a safe area, the price needs to pass 240 as well as 242 USD. Fibo retreated 50% from the peak of 278 to the bottom of 208 USD, also near the level of 242 USD to make this a turning point of note.
If the break succeeds in the zone 242, a new rally can be triggered. The next resistance level of interest is 256 and 260 USD.
If Ethereum fails to strike the $ 240 and the trendline, a new round of price declines will probably occur. The new support level is now at 225 USD, falling below this level means that the market can plunge to 210 USD.
The support to watch out for is $ 205 and $ 200, where strong buying pressure is waiting.
Technical indicators need attention
- The MACD on the candlestick chart is now moving to the bad zone
- RSI on the hourly chart: falling below 50.
- Important support: 225 USD
- Key resistance: 240 USD
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According to Coin68 / NewsBTC
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