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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

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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