Ethereum Price Analysis: ETH Showing Positive Signs But Can It Gain Pace?

Ethereum price declined to a new monthly low below the $230 level against the US Dollar.ETH price tested the $225 support area and it is currently correcting higher above $240.There was a break above a crucial bearish trend line with resistance near $240 on the 4-hours chart (data feed from Coinbase).The price must gain pace above $250 and the 55 SMA (4-hours) to start a strong recovery in the near term.Ethereum Price AnalysisIn the past few days, there was a strong decline in Ethereum price below the $250 level against the US Dollar. The ETH/USD pair even broke the $240 level and the 55 simple moving average (4-hours). Finally, there was a break below the $232 support area. The pair traded to a new monthly low near the $225 support and recently started an upside correction. There was a break above the $235 resistance and the 50% Fib retracement level…

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