- Since the beginning of the month, ETH has made unsuccessful attempts to exceed the $ 300 main mark
- If it stays below the price of $ 275, the bears can bring it back to $ 200.
As the chart indicates, after breaking a $ 280 mark to reach $ 300, ETH bulls could not sustain it. After it reached $ 282.50, it received price corrections on several occasions, but in a small size.
Now the cryptomarket assumes ETH has kept between $ 250 and $ 275 for a longer duration than expected. This can help the bears to significantly reduce the price of the second largest cryptocurrency in the world.
Ethereum currently costs the price of $ 270.37 with a market capitalization of $ 29,695,522,987 and the traded 24H volume is $ 19,565,838,567. The current price of ETH / BTC is 0.027 BTC.
Ethereum was able to sustain the support level of $ 255, but somehow failed to overcome the resistance of $ 275. It can be said that after a total increase of 127% from low to high in 2020, Eth is in the consolidation phase.
Also against BTC, ETH struggles between 0.0278 BTC and 0.0260 BTC. A break in the price range would help ETH to come out of consolidation.
The technical chart also suggests that ETH has confirmed consolidation with the cyclical up and down trend between $ 255 and $ 275.
The RSI is currently going up and is around 55. If RSI tends to go up, this will be a positive sign for ETH bulls.
CCI was also confronted with a negative deviation from the overbought region, which is also preferred ETH bulls.
MACD levels show that a small bullish pattern is building up for ETH in the cryptomarket.
Resistance level: $ 270 and $ 290
Support level: $ 255 and $ 235.