Ethereum (ETH) Price Showing Signs Of Weakness: $250 Holds Key

THELOGICALINDIAN - Ethereum amount is boring affective lower against the US Dollar and bitcoin ETH amount could abatement appear the 250 abutment akin afore it ability ascend aback aloft 275

Ethereum Price Analysis

After a able recovery, Ethereum amount struggled to bright the $274 and $275 resistances adjoin the US Dollar. The ETH/USD brace formed a beat aerial abreast $275 and afresh started trading in a range. It beneath beneath the $272 and $270 abutment levels. Later, there was addition attack to bright the $274 level, but the bulls struggled to accretion momentum. As a result, there was addition abatement and the amount is now trading beneath the $270 level.

There was a breach beneath a above bullish trend band with abutment at $270 on the alternate blueprint of ETH/USD. The brace is currently trading abreast the $266 akin and the 100 alternate simple affective average. Besides, it is testing the 23.6% Fib retracement akin of the contempo beachcomber from the $239 beat low to $274 high. On the downside, an actual abutment is abreast the $260 level, beneath which there is a accident of added losses beneath the $255 level. An average abutment is abreast $257 and the 50% Fib retracement akin of the contempo beachcomber from the $239 beat low to $274 high.

The capital abutment is abreast the $250 level. If the amount fails to breach aloft the $250 abutment area, there is a accident of a able decline. The abutting stop for sellers could be abreast $242 and $240. On the upside, the key hurdle for the beasts is abreast the $274 and $275 levels. If there is an upside breach aloft the $275 level, the amount could abide aloft $280.

Looking at the chart, Ethereum amount is assuming a few abrogating signs beneath the $274 level. Therefore, there is a accident of a abbreviate appellation abatement beneath $260 afore the amount could alpha a appropriate advancement move. A able abutting aloft $275 ability bang alpha a move appear the $280 level.