Ethereum price drops under $240 following rejection at $245. ETH/USD downside is protected by the 200 SMA at $245, $225 and $218. Ethereum price broke out of the consolidation witnessed in the first week of July between the key support at $225 and the resistance at $230. Boosting the price action above $235 and $240 was the momentum from overcoming the resistance at the 200 SMA in the 4-hour chart. Ether extended the bullish leg towards $245 but due to increased selling pressure, a reversal followed. At the time of writing, ETH/USD is spiraling under $240. It is trading at $238 after a 1.13% loss on the day. The trend has a bearish bias which could eventually pull the price under $235. The negative technical picture is highlighted by the RSI’s retreat from the overbought region. The MACD also hit a snag under 4.00 after recovery from levels marginally below the midline as encountered on July 5. A bullish divergence is still visible which shows that buying power has not been ousted entirely. In case the losses continue, the 2-hour chart places support at the 200 SMA ($235), the main support at $225 and the primary support at $215. ETH/USD 2-hour chart Ethereum key confluence levels Resistance one: $240 – This region is home to the previous high 15-minutes, the SMA five 15-minutes, the Bollinger Band 4-hour upper, the pivot point one-week resistance two and the SMA five 1-hour. Resistance two: $247 – Highlighted the pivot point one-day resistance one, pivot point one-month resistance one and the pivot point one-week resistance three. Support One: $232 – Home to the Bollinger Band 1-hour lower, the SMA ten 4-hour, the pivot point one-day support one, the previous week high and the Fibo 61.8% one-day. Support two: $225 – Highlighted by the Fibo 23.6% one month. Support three $218 – Home to the Bollinger Band 1-day lower curve and Bollinger Band 4-hour upper curve. 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. View All Post By FX Street Crypto News share Read Next US trade groups urge China to boost purchases under phase 1 trade deal FX Street 3 years Ethereum price drops under $240 following rejection at $245. ETH/USD downside is protected by the 200 SMA at $245, $225 and $218. Ethereum price broke out of the consolidation witnessed in the first week of July between the key support at $225 and the resistance at $230. Boosting the price action above $235 and $240 was the momentum from overcoming the resistance at the 200 SMA in the 4-hour chart. Ether extended the bullish leg towards $245 but due to increased selling pressure, a reversal followed. At the time of writing, ETH/USD is spiraling under $240. It is trading at… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.