Ethereum traded to a new price high of $290 and later dropped heavily against the US dollar. The price then reversed a number of its gains and then traded under the support levels of $250 and $260.
There was also a break that went below a major bullish trend line with a support at $266 on the Ethereum/USD hourly chart. The pair later tested the new price level of $240 and is now correcting up above the price resistances of $260 and $264.
Even though the price of Ethereum dropped heavily below the price mark of $260 up against the USD, it still remained flat up against the leading crypto, Bitcoin.
The Price Analysis Of Ethereum
Just in the past 24 hours, there have been additional price gains in ETH above the $280 price mark vs the US Dollar. The pair of Ethereum and US Dollar even went ahead to break the final swing and traded to a new 2019 high that was close to $290.
The bull, however, were not able to gain momentum and the price later declined below the $280 mark. There was also a bigger downward move below the support levels of $270 and $265. The price later settled below the level of $265, and the simple moving average of 100 per hour.
A Break Below The Main Bullish
In addition to that, there was a decline below the main bullish trend line with $266 as the new price support. This was according to the hourly reports on the ETH/USD charts. At long last, there was a spike right below the support levels of $245.
A swing low was later formed close to $240 and price has since started to gain momentum. It was able to move higher than the 23.6% Fib retracement class of the latest decline of about $50 in price. It moved from $290 and a price level of $240.
There are, however, some other hurdles on the higher side close to the price levels of $265 and $262. These are the two latest support zones.
Struggles Expected In The Coming Future
Aside from that, the 50% Fib retracement level of the latest price drop to the $240 low from $290 high is also below the $264 level to avoid further gains.
From the look of things, there are certain struggles that the price might undergo in the near future. It will have some hard time trying to surpass the $264 price level and there is also a risk of new decline.
On the lower side, an immediate support is now close to the level of $252. If the price goes below that, it might be forced to trade towards the support zone of $245.
The Crucial Price Juncture
The ETH chart is slowly moving close to a crucial juncture right below the price of $265. In as far as there is no close over $265, there is a possible risk of looming price decline. The main support on the downside is now at $245. Below, the price could even break the level of $240 and trade even further low.