ETH’s Price Has to Overcome Break Level to Prevent Further Losses

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ETH’s Price Has to Overcome Break Level to Prevent Further Losses

The price of Ethereum (ETH) has started a downside correction from the $1,300 resistance zone. ETH traded as high as $1,304 before there was a move below the $1,275 level.

Thereafter, the altcoin’s price declined below the $1,255 support zone and the 100 hourly Standard Moving Average (SMA). However, the bulls were active above the $1,240 level. The price then formed a low near $1,241 and is currently correcting losses.

There was also a move above the 23.6% Fib retracement level of the recent drop from the $1,304 swing high to $1,241 low. An immediate resistance on the upside is near the $1,275 level and the 100 hourly SMA. This resistance is near the 50% Fib retracement level of the aforementioned price drop from the $1,304 swing high to $1,241 low.

If ETH’s price is able to close above the $1,275 resistance then a fresh increase might be ignited. This will see ETH’s price rise to the next immediate resistance at $1,300, above which the price could gain further bullish momentum for a move toward $1,350. Any more gains might send the price to the $1,400 resistance level.

This bullish thesis will be invalidated if ETH’s price fails to start another increase above the $1,275 resistance. An initial support on the downside is near the $1,240 level.

At press time, ETH is trading at $1,257.69 after its price dropped 0.29% over the last 24 hours. This is according to the crypto market tracking website, CoinMarketCap.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.


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