ETH price is ready to challenge the $ 300 mark despite the market has plunged

Diệp Quân February 16, 2020 0 Comments

Grayscale confirms OTC transactions for Ethereum Trust (ETHE) are licensed from FINRA

The price of Ethereum (ETH) has started to decline from a peak of $ 288. Even so, the second largest cryptocurrency in the world retains a strong support level of $ 260 to pave the way for a future breakout.

ETH price triggered the uptrend trend

Last week, ETH has broken through the resistance zone of 275 USD. The price of ETH hit a new peak of 2020 at $ 288 and has surpassed the 100-day SMA on the 4-hour chart.

However, the coin has recently corrected from a peak of $ 288. ETH's current price is below the support zone of $ 275. Moreover, the price fell below the Fibonacci retracement 23.6% from the peak of 288 to the bottom of $ 216.

Ethereum once touched the support zone of $ 260. Even so, the $ 255 zone is still a stiff support. Besides, the Fibonacci retracement level of 50% from the peak of 288 to the bottom of USD 216 is also being protected.

Another important thing is a triangle pattern formed with resistance at $ 274 on the 4-hour candlestick chart. If the price breaks out of the $ 275 resistance, the ETH market can fully bounce back.

If that happens, the next resistance will be $ 280, followed by a peak of $ 288. The main target for this uptrend is the $ 300 threshold in the coming days.

Solid support zone

On the other side, the first support needs protection is $ 260 and the lower limit of the trendline triangle. If ETH cannot stabilize above the support of the triangle, a retest of support of $ 255 is possible.

In the worse case, support of $ 252 and $ 244 will be critical. This is the Fibonacci retracement 61.8% from the peak of 288 to the bottom of $ 216.

In general, ETH will still be supported by the uptrend and can approach resistance at 275 and 280 USD in the near future.

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