ETH Plummets Back To $250, Will The Crucial Support Hold?

  • Etheruem saw a pretty hefty price drop over the past 24 hours as it fell by 7% to reach the current $250 support.
  • Even with the latest price drop, ETH remains up by a total of 45.5% over the past 30-days of trading.
  • Against Bitcoin, ETH climbed as high as 0.0278 BTC before it rolled over and fell.

Key Support & Resistance Levels

ETH/USD:
Support: $250, $237, $225.
Resistance: $268, $286, $290.
ETH/BTC:
Support: 0.025 BTC, 0.0242 BTC, 0.0239 BTC.
Resistance: 0.0278 BTC , 0.0288 BTC, 0.03 BTC.

ETH/USD – Ethereum Battling To Stay Above $250

Since our last analysis, Ethereum managed to rise above $277 but ran into resistance at $286, which caused it to roll over and drop. The cryptocurrency has fallen into support at $250 as it struggles to remain above this level.

This price drop should have been expected, mainly because ETH increased by 128% from low to high in 2020.

The market remains bullish; however, if the retracement pushes it beneath $220, the bullish trend may become invalidated.

ethusd-feb17
ETH/USD. Source: TradingView

Ethereum Short Term Price Prediction

If the sellers continue to drive ETH beneath $250, the first level of support lies at $237 (short term .382 Fib Retracement). Beneath this, additional support is located at $225 and $221 (.5 Fib Retracement). If it drops beneath $220, support lies at $205 and $200.

On the other hand, if the bulls rebound at $250, resistance lies at $268 and $286. Above this, additional resistance is expected at $290 and $300.

The RSI continued to fall after rolling over from overbought conditions. It is heading toward the 50 level and, if it drops beneath, the momentum will be shifting into the favor of the bears. Additionally, the Stochastic RSI produced a bearish crossover signal and has plummetted at an aggressive pace.

ETH/BTC: ETH Falls From 0.0278 BTC Resistance

Against Bitcoin, Ethereum managed to rise above 0.0261 BTC but ran into higher resistance at 0.0278 BTC, causing the bullish momentum to stall and reverse.

The cryptocurrency fell from here but is battling to stay above support at 0.0256 BTC, provided by a short term .236 Fib Retracement.

ETH still is bullish against BTC. However, if it continues to drop beneath 0.023 BTC, the bull run could be invalidated.

ethbtc-feb17
ETH/BTC. Source: TradingView

Ethereum Short Term Price Prediction

If the sellers push beneath 0.0256 BTC, the first level of support is located at 0.025 BTC. Beneath this, additional support lies at 0.0242 BTC (.382 Fib Retracement), 0.0239 BTC, and 0.0231 BTC (.5 Fib Retracement).

Alternatively, if the buyers can rebound from here, the first level of resistance lies at 0.0278 BTC. Above this, resistance lies at 0.0288 BTC (bearish .786 Fib Retracement) and 0.03 BTC.

The RSI has also reversed as it heads toward the 50 level. If it can rebound at 50, we can expect the previous bullish momentum to return and push ETH above 0.027 BTC again.

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Cryptocurrency charts by TradingView.