Ethereum has been riding since the beginning of the year on a green wave. ETH price has increased since then to more than 100% and has underperformed in this time the Bitcoin exchange rate. This strong Ethereum rate increase occurred, as the BTC price has moved over several days of sideways to the $ 10,000 mark. Thus, Ethereum and other Altcoins had enough room to grow. But what about the Ethereum rate currently? Can be broken through the resistance zones? Will keep up the support? We look at the current ETH Chart more closely and try the current Situation in perspective.
Ethereum course in a short downward correction
Currently, the Ethereum rate is back to its support of 266 USD, he has a few days ago, up broken. It was for a short time even up to 278 USD high but the selling pressure was too high, more Resistances to break above. As a result, we moved into a corrective phase down. Also, the current descending the Bitcoin exchange rate could have triggered the correction.
Ethereum course has shown last week, some bullish signs above the $ 260 mark. As a result, the ETH course again something was up, and the 270 USD broke through. The share price stabilised above the level of 270 USD, and the 100 Hourly Simple Moving Average (SMA). As a result, it went in the direction of 280 USD, with 278 USD for the time being, was the end.
This morning, the downward correction was below the 275 USD. There was a break below the 23.6% Fib Retracement Level of the upward movement of 261 USD to 278 USD. However, many of the supports on the downward side close to the 265 USD, you can find brand. Therefore, the downward movement has made for the time being, at 266 USD-brand a Stop.
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Positive Trend still in tact
According to the latest analysis by Aayush Jindal (Twitter:@AayushJs) is forming an ascending channel with the support of close to 266 USD on the hourly Chart of the Ethereum course. The 50% Fib Retracement Level of the upward movement of 261 USD to 278 USD is High also in the vicinity of the 267 USD range.
Therefore, the Ethereum rate currently remains about the 265/266 USD support. If we look in the positive direction, then the ETH course is still in front of a resistance zone close to the 280 USD mark. The major hurdles await us, but only at a level of 285 USD 288 USD. So Ethereum achieved sustained 300 USD and breaks through, it must first be 288 USD Zone overcome.
Currently, we must wait and see whether the strong support can be maintained at 266 USD. Here is also the 100 SMA, which provides additional support near the 265 USD helps. If the 265 USD can not be kept, it goes quickly in the direction of 260 USD, and then up to 250 USD. Therefore, to be seen at this point how the Ethereum rate will behave in the next few hours. In addition, we must always look at the clock in the market – Bitcoin. He is still the direction for all Altcoins. Sometimes more and sometimes less but the influence from the BTC course not deny. If the Bitcoin exchange rate may be the $ 10,000-brand sustainably break through, then it should also go for the ETH back to the top.
How will the behavior of the Ethereum course? It creates ETH finally over the magic $ 300 limit?
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