ETH Price Needs To Close Above $240 To Reverse Losses

The Ethereum latest news show that the ETH price needs to close above $240 if it wants to reverse its losses. The cryptocurrency declined heavily after many rejections near $250 against the US dollar. Now, it is recovering but it must settle above $240 to start a fresh increase.

Over the past week, Ethereum failed to settle above the $250 resistance level against the US dollar. As a result of that, the ETH price started a major decline below the $245 and $240 support levels.

This decline was initiated after there was a break below a key ascending channel with support at $244 on the 4-hours chart of ETH/USD. The pair later broke the 0 support and the 100 simple moving average (on 4 hours).
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After this, the Ether price traded as low as $225 and started an upside correction. This is how it broke the $230 and $232 resistance levels. Still, the ETH price needs to go above $240 in order to reverse its losses and make things easier considering its steep fall from $250 highs to $225 lows.

It sees like there is a major hurdle forming near the $238 and $240 levels. Here, the 61.8% Fib retracement level of the decent decline from $250 to a $225 low is also near $241. Therefore, a successful break above the $240 resistance zone is likely to push the price into a positive zone.

After this one, the next key resistance is near the $250 level above which the price of ETH could surge towards $265. On the downside, there is decent support forming near the $234 level and the 100 simple moving average on 4 hours. If ETH fails to stay above the $234 support line, it could continue to move down below the $230 position.

Additionally, the main support lines are near the $225 and $222 levels, below which ETH is likely to accelerate towards the $205 and $200 support levels. The technical Indicators for the Ethereum price right now are as following:

• 4 hours MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
• 4 hours RSI – The RSI for ETH/USD is currently just below the 50 level.
• Major Support Level – $230
• Major Resistance Level – $240

While the Bitcoin news and ETH price updates are posting losses today, there are coins like Binance Coin (BNB) and Bitcoin SV (BSV) which are gaining some percentages. In the top 20, the most notable gain today is the one of the Crypto.com (CRO) token which rose by 1.71% following the positive news that we recently shared.