In today’s Ethereum price analysis, the coin has started correcting higher after declining below the $260 and $250 support levels.
Recently, the price of Ethereum (ETH) failed to spike above the new 2020 high that was formed at $290. As a result, there was a downside correction below the $275 and $260 levels. Besides, the price dropped below the $250 support but found support at the $245 level.
At the time of writing this Ethereum price analysis, the coin has started a decent upward move as it is changing hands near the $260 level.
On the upside, if more buyers emerge, the coin will rise and test the $280 and $290 resistance level. A successful breakthrough above the $290 level will empower the bulls to push the price near the $300 level. On the downside, should the price move below $260 support level, there is a possibility that the price could hit the support levels at $250 and $240.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of ETHUSD is currently bullish. However, if the pair fails to continue above the $260 resistance, it could decline once again. An initial support is near the $255 level.
The main support on the downside is near the $245 and $240 levels. If the bulls fail to defend the $240 support area, there is a risk of a larger decline towards the $210 level in the short term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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