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 bitcoin. ETH price could start a decent upside correction once it breaks $272 and $282.
Ethereum Price Weekly Analysis
This past week, there were sharp losses in bitcoin 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.
In the past two days, there were two attempts to break the $260 support, but sellers struggled to gain strength. At the moment, the price is