Home Ethereum Market Update: ETH/USD collapses back to $240
Crypto News

Ethereum Market Update: ETH/USD collapses back to $240

  • Ethereum free-falls towards $240 after testing the seller congestion at $250.
  • Consolidation is likely to take over above $240, helping to keep the focus on $250.

Ethereum made a run for $250 on Wednesday refreshing the quashed hope of seeing the cryptoasset above the critical level. An intraday has been reached at $249.26 leaving $250 unconquered. Traders are likely to have rushed to take profit due to a lack of confidence that the second largest cryptocurrency has the ability to sustain gains.

ETH/USD is currently collapsing towards $240 after dropping below the opening value of $243.20. At the moment, Ether is valued at $242 after correcting from the highs. The 0.5% loss on the day is likely to increase, especially if Ethereum fails to hold above $240.

From the 4-hour chart, support at $240 is the best bet to keep the price in the hands of the bulls as well as keep the focus on $250. Other support areas include the 100 SMA at $236.59 and 50 SMA at $234.16, and $230. On the other hand, another consolidation could take over if buying indicators such as the RSI and MACD hold onto the sidelong movements at 63 and 3.13 respectively.

ETH/USD 4-hour chart

XRP/USD price chart

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.