Will Ethereum Face Pullback Pressure in the Near-term?

  • Ethereum’s value against USD has been hyped by 26.34% in the last week
  • It may soon touch the next resistance point at $275
  • Currently, ETH price consolidates around $270 level

Ethereum has witnessed one of the most rewarding weeks of this year, as it is now eyeing a $300 price mark. Over the last week, it has fetched a growth to the extent of 26.34%, and it currently trades around $270.

Ethereum Price Analysis

Ethereum started the week at $212.94 on February 07 with a slow and steady upward move, and in the next four days, it was boomed by 12.09% to get placed at $238.68. It was followed by another price escalation of 17.03% that took the ETH price to the highest point of the day at $277.66 by February 13. In the last 24 hours, the Ethereum price has been contracted by 5.35% and fell to $260 price range from $270 level. ETH coin is currently consolidated in the range of $260 – $270.

ETH Price News
ETH/USD Chart by TradingView

Ethereum’s current price at $269.03 is trending above its 50 days MA ($266.47) and 20 days MA ($267.84) by a marginal difference. The bullish ride is not likely to stop any time soon. It may stumble upon the next resistance at $274.92. However, intraday investors should expect a few price ups and downs in the medium-term.

As per the current momentum, ETH may consolidate for some time, and as it is trading under uptrend from the last few days, it fails to set strong support zone and hence, if it corrects down then, the fall will be huge.

Ethereum (ETH) Resistance and Support Levels
1st Resistance $274.92
2nd Resistance $281.74
3rd Resistance $289.74
1st Support $260.1
2nd Support $252.1
3rd Support $245.28
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