Ethereum declined heavily after multiple rejections near $250 against the US Dollar. ETH price is now recovering, but it must settle above $240 to start a fresh increase.
- ETH price is currently correcting higher from the $225 swing low against the US Dollar.
- It is now trading above the $230 level and the 100 simple moving average (4-hours).
- Earlier, there was a break below a key ascending channel with support at $244 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could also move back into a positive zone if it closes above the $240 resistance.
Ethereum Price is Facing Hurdles
This past week, Ethereum failed to settle above the $250 resistance level against the US Dollar. As a result, ETH price started a major decline below the $245 and $240 support levels.
The decline was initiated after there was a break below a key ascending channel with support at $244 on the 4-hours of ETH/USD. The pair even broke the $230 support and the 100 simple moving average (4-hours).A successful break above the $240 resistance zone is likely to push the price into a positive zone. The next key resistance is near the $250 level, above which the price could surge towards the $265 level.