Ethereum (ETH)NewsPrice Analysis

ETH Price Suddenly Crashes to $234 After Achieving the $250 Milestone – Price Analysis

Ethereum has faced another price crash as the price value of the second-ranked digital asset has suddenly fallen back to $230 zone. ETH had recently achieved the $250 milestone which was a huge achievement for Ethereum as the coin strived for a few months to reach there. But unfortunately, it could not manage to hold itself there and has dipped down again.

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ETH/USD Chart: ETH could not find Strong Support at $244

ETH/USD Chart: ETH could not find Strong Support at $244

Since March 2020, the Ethereum price has been sticking around the $244 level. The second-ranked digital coin has been struggling a lot to find a break through this level but it became very difficult for the coin to break above this resistance. It has also been fighting at the $245 level at the bearish .786 Fib Retracement during the weekend time. After showing a lot of struggle, it had somehow succeeded to sneak through this resistance and reclaimed the $250 mark. ETH Price gained 6% in total over the course of the last 24 hours. Traders believed that this occurred as a result of the Bitcoin’s recent upsurge to $10,000 zone.

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But now, the value of ETH has again turned reddish. The $244 level which was now considered to be the strong support level for ETH could not provide support to the coin.

ETH Price Prediction

It was not expected that the Ethereum price will suddenly go down shocking the traders. But it eventually has happened. Now, Ethereum would be looking to hold itself here around $234 level for some time and does not let bears take it down further. The next support level for ETH lies at $224. Other support levels are $217 and $210.

However, if ETH bulls somehow find a way to get a hold on the price value of the coin, then the next target for ETH will be $240 and then it will again try to reclaim $250 in the short-term case scenario.

At the time of writing, ETH Price is trading at $234.15 USD.



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