- Ethereum price struggles to hold above the support at the 50 SMA as well as the ascending trendline.
- As long as ETH/USD stays under $275; a bearish cloud would continue threatening the bulls with a drop to $225.
Ethereum had impressed many analysts and crypto enthusiasts with its weekly close above $275. Many had started seeing the grand gesture as the beginning of the journey to $300. However, sellers had a hidden bullet; unleased on Monday during the Asian trading session. ETH/USD spiraled from $278 (intraday high) to $266.17 (intraday low). The existing trend is bearish amid increased selling activities, further jeopardizing the trajectory to $300.
Ethereum price could revisit $225 area
A renowned analyst on Twitter Teddy, says that Ethereum trading above $275 is “beyond bullish.” However, a slide under this region would be interpreted as a rejection from a key barrier. Therefore, it could send Ethereum price back to $225 (previous resistance and possible support).
Weekly close above 275 beyond bullish
Anything below I see it as a rejection from a key resistance.
Suggesting that it may revisit 225 area as a retest of previous resistance as support pic.twitter.com/RyT6XOcGRl
— TEDDY (₿) (@TeddyCleps) February 23, 2020
Ethereum price technical picture
Ethereum is trading at $268 following a 2.5% loss on the day. There is a struggle to stay above a short term trendline on the hourly chart. Also providing support is the 50 SMA while the 100 SMA at $263.56 will come in handy if the price slides further towards $260. The upside is capped by a growing resistance at $270. If the selling zone remains intact, Ethereum could settle in a sideways trading action especially during the European session. Further upside action will depend on the buyers’ ability to sustain gains above $275 and $280 respectively.