Prediction of Ethereum prices: because Ether must hold $ 270

Key Points

Ether failed to keep earnings above $ 292.00 and $ 280.00 against the US dollar.

ETH / USD broke a significant trendline upside with support for $ 282.00 on the 2-hour chart.

ETH / BTC remains at risk of a bearish break below the 0.0400BTC support.

Technically, the 2-hour chart indicators are down sharply in the bearish territory.

Analysis of the prices of the ether

Yesterday we discussed that a downward break below $ 292.00 in the ETH / USD can initiate an extended downward correction. During the last hours, the pair has faced an increase in selling pressure, with a break below support levels $ 282.00 and $ 280.00.

ETH / BTC struggled to overcome resistance levels 0.0415BTC and 0.0420BTC, igniting a new bearish wave. The pair has fallen and is currently at risk of slipping below the 0.0400BTC support.

Starting from the 2-hour chart of Eth / USD, the pair formed a short maximum at $ 297.73 and broke the $ 292.00 support. The sellers of Ether had an opening and managed to push the price under a significant uptrend line with support for $ 282.00.

There was also a break below the Fibonacci retracement level of 50% from the low of $ 269.69 to $ 297.73 high. If Ether settles below the $ 280.00 support and the Fibonacci retracement level of 61.8% higher, there may be further losses.

The next crucial support and the rotation zone are expected at $ 270.00, below which the price could fall to $ 250.00. Turning to the 30-minute chart of Eth / USD, there is a clear downtrend visible from the $ 296.18 swing high.

At the top, an initial resistance is close to $ 280.00 and a trendline bearish. However, buyers will probably encounter strong resistance near $ 285.00 (previous support) and another bearish trend line.

To sum up, Ether cut the gains this week and could test the $ 270.00 support, in which buyers presumably will take position.

Aayush has spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.

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