Ethereum (ETH) Price Testing Key Support: $250 Holds The Key

ETH price started a downside correction after trading towards the $265 level against the US Dollar.
The price declined below the $255 level, but the $250 support area is acting as a support.
There is a key bullish trend line forming with support near $253 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $250 pivot level to start a fresh increase in the near term.

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Ethereum price corrected lower below $260 and $255 versus the US Dollar, but it was stable vs bitcoin. ETH price is likely to bounce back above $260 as long as it is above the $250 support.
Ethereum Price Analysis
Recently, there was a sharp upward move in Ethereum price above the $250 and $255 resistances against the US Dollar. The ETH/USD pair even broke the $260 level and settled above the 100 hourly simple moving average. Finally, the price traded towards the $265 level and recently started a downside correction. A swing high was formed at $264 and the price declined below the $260 support.
There was a break below the 23.6% Fib retracement level of the last wave from the $237 swing low to $264 high. However, the $252 level acted as a strong support. Moreover, there is a key bullish trend line forming with support near $253 on the hourly chart of ETH/USD. The 100 hourly SMA is also acting as a support near the $252 area. Besides, the 50% Fib retracement level of the last wave from the $237 swing low to $264 high is at $251.22 to act as a support.
The main barrier is near the $250 level, below which the bulls could lose control. In the mentioned case, the price may perhaps slide towards the $244 level. It represents the 76.4% Fib retracement level of the last wave from the $237 swing low to $264 high.
On the upside, an initial resistance is near the $256 level. If there is a break above $256 and $258, the price could move further higher. The main resistance is near the $264 and $265 levels, above which the price is likely to test $270.

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Looking at the chart, Ethereum price is clearly trading near a couple of important supports near $252 and $250. As long as the price is above $250, it is likely to start a fresh upward move in the coming sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bearish zone, with negative signs.
Hourly RSI – The RSI for ETH/USD is now back below the 50 level, with a few positive signs.
Major Support Level – $250
Major Resistance Level – $260
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