Ethereum (ETH) Price Correcting Losses: Bulls Likely To Fail Near $255

Ethereum price started a major decline from well above $265.00. ETH fell sharply, tested the $235.00 area and it is currently correcting higher towards key resistances.

• Ethereum price is under a lot of pressure and it recently declined below $250.00.
• There is a key bearish trend line forming with resistance at $253.00 on the 30-minute chart.
• ETH price is likely to struggle to clear the $253.00 and $255.00 resistance levels.

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Ethereum Price Analysis (ETH to USD)

Recently, there was a sharp decline in bitcoin, Ethereum, BCH, ripple and a few other major altcoins. ETH price broke the key $260.00 and $255.00 support levels to enter a bearish zone.

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair even broke the $250.00 pivot level and settled below the 25 simple moving average (30-min). Finally, there was a dip below the $240.00 level and the price traded as low as $235.22.

Later, there was an upside correction above the $240.00 level and the 23.6% Fib retracement level of the recent drop from the $271.21 high to $235.39 low.

The price moved above the $245.00 level and it is currently testing the 25 simple moving average (30-min). On the upside, there are many hurdles near the $253.00 and $255.00 levels.

There is also a key bearish trend line forming with resistance at $253.00 on the same chart. The trend line coincides with the 50% Fib retracement level of the recent drop from the $271.21 high to $235.39 low.

Therefore, if there is an upside correction, the price is likely to face a strong selling interest near $253.00 and $255.00. If there is an upside break above $255.00, the price is likely to recover above the $260.00 and $262.00 levels.

Conversely, if Ethereum price fails to move above the $255.00 barrier, there is a risk of a fresh decline. An immediate support is near the $240.00 level, below which the price could test the $235.00 support area. Any further losses may push ETH price towards the key $224.00 support area in the coming sessions.

The market data is provided by TradingView, Bitfinex.

   

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