Ethereum price prediction: Set to test descending channel support near $ 260


  • Ethereum wavers in descending channel, bias remains bearish near-term.
  • Upside attempts capped by a cluster of resistances near 270/271 region.

The second most favorite cryptocurrency keeps its weekend bearish bias intact, having lost about 2% over the last 24 hours, as the bears continue to guard the key 270 level amid a broader market sell-off. The No. 2 digital currency market value, stand at a market capitalization of $ 28.55 billion.

In the day ahead, the ETH/USD pair looks poised to test the 260-support area, as observed in the hourly chart that shows prices maintaining its range in a descending channel. Overall, the coin is trending lower amid moderate volatility, with the upside attempts unable to clear the stiff hurdles placed 270 region, where the descending channel resistance and downward sloping 21-hourly Simple moving average (HMA) coincide.

Hence, the lower targets at the bottom of the channel near 260 levels appear more likely to be tested, with the hourly Relative Strength Index (RSI) inching lower from the overbought territory.

Only a heavy rush of sellers or buyers will determine a breakout in either direction, until then the prices will continue to wave in a $ 10 range, with the immediate bias shifting in the favor of the bears.

ETH/USD, 1-hour chart

Levels to watch

ETH/USD

Overview
Today last price 265.37
Today Daily Change -3.38
Today Daily Change % -1.26
Today daily open 268.75
 
Trends
Daily SMA20 297.36
Daily SMA50 277.06
Daily SMA100 231.66
Daily SMA200 181.65
Levels
Previous Daily High 275.52
Previous Daily Low 261.54
Previous Weekly High 318.46
Previous Weekly Low 262
Previous Monthly High 363.54
Previous Monthly Low 226.48
Daily Fibonacci 38.2% 266.88
Daily Fibonacci 61.8% 270.18
Daily Pivot Point S1 261.68
Daily Pivot Point S2 254.62
Daily Pivot Point S3 247.7
Daily Pivot Point R1 275.67
Daily Pivot Point R2 282.59
Daily Pivot Point R3 289.66

 

 

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