Ethereum Price Analysis: XRP/USD dumps $7 from $275 weekly close

  • Ethereum price struggles to hold above the support at the 50 SMA as well as the ascending trendline.
  • As long as ETH/USD stays under $275; a bearish cloud would continue threatening the bulls with a drop to $225.

Ethereum had impressed many analysts and crypto enthusiasts with its weekly close above $275. Many had started seeing the grand gesture as the beginning of the journey to $300. However, sellers had a hidden bullet; unleased on Monday during the Asian trading session. ETH/USD spiraled from $278 (intraday high) to $266.17 (intraday low). The existing trend is bearish amid increased selling activities, further jeopardizing the trajectory to $300.

Ethereum price could revisit $225 area

A renowned analyst on Twitter Teddy, says that Ethereum trading above $275 is “beyond bullish.” However, a slide under this region would be interpreted as a rejection from a key barrier. Therefore, it could send Ethereum price back to $225 (previous resistance and possible support).

Ethereum price technical picture

Ethereum is trading at $268 following a 2.5% loss on the day. There is a struggle to stay above a short term trendline on the hourly chart. Also providing support is the 50 SMA while the 100 SMA at $263.56 will come in handy if the price slides further towards $260. The upside is capped by a growing resistance at $270. If the selling zone remains intact, Ethereum could settle in a sideways trading action especially during the European session. Further upside action will depend on the buyers’ ability to sustain gains above $275 and $280 respectively.

ETH/USD hourly chart
ETH/USD price chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD approaches $7,000, bulls may be disappointed once again

BTC/USD resumed the upside trend after a consolidation around $6,700 during the weekend. At the time of writing, BTC is changing hands at $6,930 and the upside momentum is gaining traction.

More Bitcoin News

Ripple Price Analysis: XRP/USD may return to $0.1800 before another bullish assault

XRP/USD is changing hands at $0.1850 with 2.6% of gains since the start of the day. The third-largest digital asset with the current market value of $8 billion has been moving within a strong bullish trend amid expanding volatility. 

More Ripple News

ETH/USD leaves $154.00 behind, no reversal in sight

ETH/USD jumped above $154.00 after the bulls managed to clear psychological $150.00. The second-largest digital asset has gained over 7% since the beginning of the day and 5% in the recent 24 hours amid Bitcoin-led recovery on the cryptocurrency market.

More Ethereum News

Cryptocurrency market update: Major cryptos remain on track to post weekly gains

Ethereum (ETH/USD) failed to hold above $150 earlier in the week but is still up 15.4% on a weekly basis at $143.50. $150 (Fibonacci 38.2% retracement of mid-March fall) aligns as the first critical resistance followed by $153.50 (Mar. 20 high).

More Ethereum News


Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast