2019-6-19 06:08 |
ETH price started a downside correction after it failed to clear $275 against the US Dollar. The price declined below the $265 support level, but it is holding the $260 and $262 supports. Recently, there was a break above a declining channel with resistance at $264 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to climb higher again as long as it is trading above the $260 support area.
Ethereum price is showing signs of a correction versus the US Dollar, and remains bearish vs bitcoin. ETH price is likely to bounce back once the current correction is complete.
Ethereum Price AnalysisAfter struggling to surpass the $275 resistance, Ethereum price started a downside correction against the US Dollar. The ETH/USD pair traded below the $270 and $265 support levels. There was also a close below the $270 level and the 100 hourly simple moving average. Moreover, the price traded below a major bullish trend line with support near $270 on the hourly chart.
It opened the doors for more losses, but the $262 and $260 support levels remained intact. A swing low was formed near $261 and the price is currently moving higher. It surpassed the 23.6% Fib retracement level of the recent decline from the $275 high to $261 low. Moreover, there was a break above a declining channel with resistance at $264 on the hourly chart of ETH/USD.
The pair is currently testing the $266 level and the 100 hourly simple moving average. If there is a successful break above the 100 hourly simple moving average, the price could rise towards the $270 resistance. An intermediate resistance is near the 50% Fib retracement level of the recent decline from the $275 high to $261 low. A successful close above the $268 and $270 levels is likely to start a fresh increase in the near term.
On the downside, an immediate support is near the $264 level. However, the main supports are $262 and $260. If there is a close below the $260 support, the price is likely to decline further.
Looking at the chart, Ethereum price remains in a positive zone as long as it is above $260. If it fails to hold the $260 support, there could be a downside extension below the $258 and $255 supports. On the upside, the key hurdles are near $270, $275 and $280.
ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is slowly moving back in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD is still below the 50 level, with a flat structure.
Major Support Level – $260
Major Resistance Level – $270
The post Ethereum (ETH) Price In Corrective Decrease: $260 Support Holds Key appeared first on NewsBTC.
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