RATE Group | ETH/USD blast to $280 cut short as bears maul it under $260
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ETH/USD blast to $280 cut short as bears maul it under $260

13 Feb ETH/USD blast to $280 cut short as bears maul it under $260

Posted at 10:16h in Ethereum News by

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  • Ethereum bearish action targets resistance turned support at $240.
  • Ethereum bulls scatter as sellers swing into action amid calls for revenge.

Ethereum has more than doubled in value since the beginning of the year. Prior to the current bearish action, ETH had spiked over 122% (approximately a jump by $151). Unfortunately, the surge that started on Wednesday fizzled under $280. Sustaining upside action became incredibly difficult especially amid the widespread correction in the market.

The second-largest crypto dived under a couple of key support areas at $270 and $260. At the time of writing, the bulls are trying to find balance at $260 and hopefully place the crypto back in the trajectory towards $280 and eventually $360.

Ethereum technical picture

The 4-hour chart clearly shows the bulls losing traction despite them being in the driver’s seat for almost three consecutive days. The Relative Strength Index (RSI) in the same range seems to be retreating…

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