• Ethereum recovery on Thursday hit a wall at $250 amid a general retreat in the cryptocurrency market.
  • Support at $230 is vital for gains towards $240 and $250 but lower support areas include $225 and $220.

Ethereum price tumbled below the week’s support range support at $240. Prior to the losses, the price corrected above $240 on Thursday and even tested the resistance at $250. The rejection that ensued sent Ether below various support zones including $240 and $235. The support at $230 saw the price bounce upward during the Asian session on Thursday. At the time of writing, ETH/USD is teetering at $233 as the bulls’ nurture an uptrend targeting $240.

In the near term, the technical picture shows that Ethereum could first entertain consolidation above $230 before a significant recovery comes into action. The consolidation is confirmed by the RSI and the MACD.

The price is above the moving averages as an indication of a higher bullish influence. Moreover, the gap made by the 50 SMA above the 200 SMA suggests buyers have the upper hand. Gains towards $250 will depend on the ability to correct above $240 and establish higher support just like earlier this week.

ETH/USD price chart

Ethereum confluence resistance and support levels

The confluence detector place Ethereum between stacks of resistance and support levels. The initial hurdle keeping recovery at is observed at $237 while a break above $240 must brace itself for a battle at $244 before grinding closer to $250. On the downside, the tool shows that initial support at $232 will continue to stop declines towards $230. Other key support areas include $225 $225 and $210.

fxsoriginal

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