Ethereum Price Consolidating Losses: ETH & BTC Could Correct Higher
- ETH price declined heavily below the key $300 support area against the US Dollar.
- The price traded close to the $260 support level and it is currently consolidating losses.
- There is a short term bearish trend line forming with resistance near $274 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher in the near term, but it is likely to struggle near the $282 and $285 resistances.
Ethereum price started consolidating losses after a sharp dip versus the US Dollar and . ETH price might correct higher towards $285 in the coming sessions.
Ethereum Price Analysis
Yesterday, we saw a massive drop in bitcoin, Ethereum, and other against the US Dollar. ETH/USD declined heavily below the key $300 support area and it even broke the $285 support. Moreover, there was a close below the $285 level and the 100 hourly simple moving average. The price traded close to the $262 level and recently started consolidating losses.