In today’s Ethereum price analysis, the coin has started correcting lower after struggling to break above the $280 resistance level.
Yesterday February 13, the price of Ethereum (ETH) was trading in a bullish trend zone. After testing the $250 and $260 resistance level, the bulls pushed Ethereum price above the key $270 resistance level to continue its bullish momentum.
Recently, there was a successful break above the $275 resistance level. A new 2020 high was formed near the $280 level and the price is currently correcting downward. At the time of writing this Ethereum price analysis, the coin is changing hands at the $266 level.
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, our bullish view will be invalidated if the ETHUSD pair drops from the current levels and sustains below the breakout level of $235.70. Therefore, traders can trail the stop-loss on the remaining long positions to $210.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell 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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