Ethereum Price (ETH) Holding Crucial Support: Next Key Break Nearby
- ETH price remained in a bearish zone after it settled below the $280 support against the US Dollar.
- The price declined heavily and recently tested the key support area near the $260 level.
- There is a crucial bearish trend line forming with resistance near $282 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to recover as long as it is trading above the key $260 support area.
Ethereum price is struggling to recover after a massive decline against the US Dollar and . ETH price could start a decent upside correction once it breaks $272 and $282.
Ethereum Price Weekly Analysis
This past week, there were and Ethereum against the US Dollar. The ETH/USD pair failed to hold gains and declined below the key $285 and $280 support levels. Moreover, there was a close below the $280 support and the 100 simple moving average (4-hours). The price even broke the $270 support area and tested the next key support area near the $260 level.