The last 24-hours have seen the cryptocurrency market suffer noticeable losses. The price of bitcoin saw a 10% price drop below the $12,500 support level with the altcoin markets also seeing red this morning. The ethereum price saw a decrease in light of bitcoin’s decline, plummeting below the $300 support level.
Ethereum’s ETH/USD pair dipped below the $295 support level to flow into a bearish zone. Furthermore, there was also a close below the $295 level and the 100 hourly simple moving average.
Ethereum price analysis:
In addition to this, ETH has seen a downward break below a contracting triangle with support at the $308 resistance as per the hourly chart of the ETH/USD pair. Furthermore, a swing low has formed close to the $281 resistance with the price of ETH currently consolidating losses. There is an initial resistance found near the $288 level which coincides with the 23.6% Fib retracement level of the fresh drop from the $310 high to the $281 swing low.
Should there be an upward correction above $288, ethereum’s price could very well recover above the $290 resistance.
According to crypto experts, the next significant resistance level is close to $295. Furthermore, the 50% Fib retracement level of the current slump from the $310 high to $281 swing low is also close to the $295 level.
As for the downside, ethereum’s primary support is close to the $280 resistance. Should further downside breaks occur below the $280 support, the ethereum price could plummet further towards the $270-272 support area.
Experts believe that the price of ETH seems to be struggling below the $290 support. If one considers the short term, ETH could experience an upside correction above $290. However, the price might find difficulty surpassing the $295 level. On the opposite end of the spectrum, should a break occur below $280, ethereum’s price could drop further into bearish territory.
At the time of writing, ETH is trading at $272.35 as per data from CoinMarketCap.