Ethereum price analysis shows that the coin has started a strong recovery from the $208 low. Will the uptrend continue?
Recently, the price of Ethereum (ETH) declined from the $250 and $240 levels. The bears even pulled the price below the $220 support and traded close to the $205 support. A new weekly low is formed near $208 and the price is currently correcting higher.
At the time of writing this Ethereum price analysis, the coin is changing hands near the $225 level.
On the upside, if more buyers emerge, the coin will rise and test the $230 and $240 resistance level. A successful break above the $240 level will empower the bulls to push the price near the $280 and $300 level. Conversely, should the price move below $220 level, there is a possibility that the price could drop to $200.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the price of ETHUSD is currently in a bearish trend. However, if the pair fails to continue above the $225 level, there are chances of another decline. Below this level, ETHUSD may perhaps slide towards the $210 level. The main supports are near the $205 and $200 levels, where the bulls are likely to regain control of the market.
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.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
