Smart Crypto News
Registration
  • Login
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
Smart Crypto News
No Result
View All Result
Home Analysis

Ethereum Facing Uphill Task Near $240: Key Reasons Why It Could Tumble

NewsBTC by NewsBTC
July 19, 2020
in Analysis, Ethereum, ethusd, ETHUSDT
0
Ethereum Facing Uphill Task Near $240: Key Reasons Why It Could Tumble
0
SHARES
2
VIEWS

Ethereum started a fresh decline from the $245 resistance against the US Dollar. ETH price is currently correcting higher, but upsides are likely to remain capped near $238 and $240.

  • ETH price is facing a strong resistance near $240 and the 100 simple moving average (4-hours) against the US Dollar.
  • The bears are likely to remain in control as long as the price is below $240.
  • There is a key connecting bearish trend line forming with resistance near $240 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down towards the $225 and $220 levels in the near term.

Ethereum Price Could Struggle Near $240

This past week, Ethereum extended its decline below the $240 and $238 support levels against the US Dollar. ETH price even settled below the $236 level and the 100 simple moving average (4-hours).

Ether traded as low as $230 and it is currently correcting higher. It broke the $232 level, plus the 23.6% Fib retracement level of the recent decline from the $245 high to $230 swing low.

However, the price facing a strong resistance near $240 and the 100 simple moving average (4-hours). There is also a key connecting bearish trend line forming with resistance near $240 on the 4-hours chart of ETH/USD.

Ethereum

Ethereum price trades below $235. Source: TradingView.com

The 100 SMA is close to the 50% Fib retracement level of the recent decline from the $245 high to $230 swing low. Therefore, an upside break above the $236 and $240 levels won’t be easy. If the bulls succeed, the price could move into a bullish zone above $240.

The next major resistance is near the $245 level, above which the bulls are likely to aim a larger upward move towards the $255 and $262 levels in the coming days.

More Losses in ETH?

If Ethereum fails to continue higher above the $236 and $240 resistance levels, there are chances of more losses. The first major support is near the $230 level.

The next major support is near the $224 level, below which the bears are likely to target a strong bearish break below the $220 support level.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently just below the 50 level.

Major Support Level – $230

Major Resistance Level – $240

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

0
0

Related posts:

No related posts.

Previous Post

Bitcoin Trading Near Crucial Juncture: Here’s Why BTC Could Rally Above 100 SMA

Next Post

Analyst: Bitcoin Looks Exactly As It did Prior to 2017’s 2,000% Rally

NewsBTC

NewsBTC

Next Post

Analyst: Bitcoin Looks Exactly As It did Prior to 2017’s 2,000% Rally

Twitter
About Us
Contact Us
Terms of Service
Privacy

Subscribe to our Newsletter

Download our APP on Google Play

© 2020 Smart Crypto News

No Result
View All Result
  • News
  • Learn
  • Personalize
  • Registration
  • Login
  • Contact Us

© 2020 Smart Crypto News

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In