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Ethereum Price (ETH) Holding Crucial Support: Next Key Break Nearby

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Ethereum Price (ETH) Holding Crucial Support: Next Key Break Nearby

ETH price remained in a bearish zone after it settled below the $280 support against the US Dollar.The price declined heavily and recently tested the key support area near the $260 level.There is a crucial bearish trend line forming with resistance near $282 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair is likely to recover as long as it is trading above the key $260 support area.Ethereum price is struggling to recover after a massive decline against the US Dollar and The above chart indicates that Ethereum price is holding the main support near $260. As long as there is no daily close below $260, there are chances of a decent recovery towards the $282 and $290 levels.Technical Indicators4 hours MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.4 hours RSI – The RSI for ETH/USD is currently recovering above 30 and it may test the 50 level.Major Support Level – $260Major Resistance Level – $282

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Author: Aayush Jindal

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