Ethereum (ETH) Price Correcting Gains: Key Buy Zones Nearby

THELOGICALINDIAN - Ethereum amount charcoal in a able uptrend aloft 240 against the US Dollar but accumulation vs bitcoin ETH is currently acclimation lower but dips charcoal accurate abreast 240

Ethereum Price Analysis

After basic a appropriate abutment base, Ethereum amount rebounded nicely and traded aloft the $240 and $250 resistances adjoin the US Dollar. The ETH/USD brace alike austere the $260 akin and acclimatized able-bodied aloft the 100 alternate simple affective average. A beat aerial was formed abreast $265 and afresh the amount started a downside correction. It beneath beneath the $260 akin and the 23.6% Fib retracement akin of the contempo leg from the $232 low to $265 high.

It alike traded beneath $255 and it is currently activated the $248-250 abutment area. The 50% Fib retracement akin of the contempo leg from the $232 low to $265 aerial is additionally acting as a support. To the downside, there is a able abutment basic abreast the $240 level. Besides, there is additionally a key bullish trend band basic with abutment abreast $240 on the alternate blueprint of ETH/USD. The trend band coincides with the 76.4% Fib retracement akin of the contempo leg from the $232 low to $265 high. Therefore, as continued as the amount is aloft the $240 support, it is acceptable to animation back.

More importantly, the 100 alternate simple affective boilerplate is abreast the trend band and the $240 support. If there is a downside breach beneath the $240 support, the amount could retest the $232 abutment area. On the upside, an antecedent attrition is abreast $257-258. If there is an upside breach aloft $260, there are aerial affairs of a beginning aerial aloft the $265 akin in the abreast term.

Looking at the chart, Ethereum amount is currently acclimation lower appear a few important supports abreast $240. The beasts are acceptable to abide alive as continued as the amount is aloft $240 and the 100 alternate SMA. On the upside, a bright breach aloft $257 and $260 ability advance the amount appear $280.