Ethereum Price Holding Drops After 10% High

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Umme Haani
Vinayak Buckshee is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.

There has been a sharp decline in bitcoin price below $12,000 against the US Dollar recently. BTC/USD even broke the $12,000 support level to register a 10% decline. It prompted a sharp decline in Ethereum as well below the $300 support area. Moreover, the ETH/USD pair declined below the $295 support level to move into a bearish zone. There was also a close below the $295 level and the 100 hourly simple moving average.

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Besides, there was a downside break below a contracting triangle with support at $308 on the hourly chart of ETH/USD. A swing low was formed near $281 and the price is currently consolidating losses. An initial resistance is near the $288 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $310 high to $270 swing low. If there is an upside correction, above $288, the price might recover above $290.

The next important resistance for the bulls is near the $295 level. Moreover, the 50% Fib retracement level of the recent decline from the $310 high to $281 swing low is also near the $295 level. Therefore, the bulls are likely to face a strong resistance near the $295 zone. A successful close above $295 might start a fresh increase towards the $310 and $315 levels.

On the downside, the main support is near the $270 level. If there is a downside break below the $280 support, the price could decline further towards the $260-262 support area.

In the short term, there could be an upside correction above the $290 level, but the price may struggle to clear the $295 zone. Conversely, if there is a break below $270, the price could move further into a bearish zone.

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