In today’s Ethereum price analysis, the coin has started correcting lower after struggling to break above the $280 resistance level.

Ethereum Price Medium-term Trend

Yesterday February 13, the price of Ethereum (ETH) was trading in a bullish trend zone. After testing the $250 and $260 resistance level, the bulls pushed Ethereum price above the key $270 resistance level to continue its bullish momentum.

Recently, there was a successful break above the $275 resistance level. A new 2020 high was formed near the $280 level and the price is currently correcting downward. At the time of writing this Ethereum price analysis, the coin is changing hands at the $266 level.

On the downside, should the price move below $266 support level, there is a possibility that the price could hit the critical support levels at $255. On the upside, if more buyers emerge, the coin will rise and retest the $280 resistance level. A successful breakthrough above the $280 level will empower the bulls to push the price near the $300 level.

Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.

ETHUSD Price Short-term Trend

On the 1-hour chart, the price of ETHUSD is currently bullish. However, our bullish view will be invalidated if the ETHUSD pair drops from the current levels and sustains below the breakout level of $235.70. Therefore, traders can trail the stop-loss on the remaining long positions to $210.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.

  • Resistance levels: $280, $300, $320
  • Support levels: $260, $250, $210

Disclaimer

Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.

The post Ethereum Price Analysis – ETH Maintains Bullish Momentum Above $260 appeared first on Latest Crypto News.



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