ETH Support Line Forms At $220, Can Ethereum Reclaim $240?

ETH support line forms at the $220 range while still being down by more than 5% as it broke the $240 support previously against the US dollar. The Ethereum price found the support close to $220 but can it reclaim the $240 again? Let’s find out more about the latest Ethereum news today.

Ethereum failed to continue above 0 and started another fresh major decline.
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The price dived below the $240 zone and it spiked below the $230 zone as well. There was a break below the major bullish trend line with support close to the $240 on the hourly chart of the ETH/US dollar pair that has a chance of resuming the decline if it fails to recover above $240 level.

This week, the ETH price followed a bullish path above the $220 pivot level and continued breaking many key hurdles near the $240 and $250 levels. It even spiked above the $250 resistance but had a hard time continuing higher. The ETH support line formed near the $253 and then the price started going into a strong decline following Bitcoin’s sharp slide to $10,000. The Ethereum price broke many key support levels at the $240 zone in order to move into the short-term bearish zone.

There was also another break below the major bullish trend line with support close to the $240 on the hourly charts of the ETH/USD. The pair also spiked below the $230 level on the 100 hourly simple moving average. It tested the $220 support zone and the low formed close to the $218. Ethereum is currently recovering above the $230 level. It surpassed the 50% fib retracement level from the recent drop of the $253 high to the $218 low.

The first major support for the Ethereum price is close to the $230 level while the main uptrend support for the price is close to the $220 level which acts as a strong resistance over the past few days.  If the price has a hard time staying above the $220 support, there is an even bigger risk of a decline to the $205 and the $200 support levels in the near term. The major technical indicator of the hourly MACD for ETH/USD is losing momentum in the bullish zone.

The hourly RSI (Relative strength index) for the ETH/US dollar pair is still well below the 50 levels with a negative bias. The major support level is set at $230 while the major resistance is set at $240.