On June 10, the Ethereum cryptocurrency exchange rate (ETH) broke the resistance at $ 245 and consolidated above this level. Therefore, ETH/USD should go uprise to $ 265 by June 18.
Key Points
- The bullish trend will continue if buyers break through the $ 250.
- A downtrend line has formed with resistance at around $ 248.
- The nearest support area is at $ 240.
This week the Ethereum market was flat. The price ranged in the range of $ 241-245. There was a sharp jump on Tuesday, but the situation stabilized immediately. On the night of June 10-11, the asset was pre -amped to $ 251 (Bitstamp data), but the cost of ETH was adjusted to $ 246.
Now ETH/USD is trading in a range above the average cost per 100 hours ($ 242). The chart shows a bearish trend with resistance at around $ 248. Thus, the bulls need to break through this barrier in order to develop success. Otherwise, the price of Ethereum will roll back to $ 240. The following support barriers are located at the levels of $ 230, $ 220, and $ 205.
Why Will Ethereum Rise?
Despite a long flat, the dynamics of changes in ETH value did not go beyond the bullish trend that began in March. ETH/USD is approaching the downtrend line that arose in June 2019, with a resistance zone at around $ 260. The lines will intersect on June 25, so after this date, the level of volatility should increase.
Bitcoin (BTC) crossed the line of last year’s bearish trend at the end of May and fixed above the resistance level of $ 9600. In theory, Ethereum could repeat the fate of the older brother. In this case, the price of ETH will exceed $ 260 and will start to go up. Most likely, the resistance barrier will be punched by a powerful impulse by 5-10% after the coin passes for $ 250.
The fall of the Ethereum is certainly possible. But judging by the schedule, the bullish trend has not yet run out. This fact is confirmed by the fact that the average price of ETH per 100 hours has been growing steadily since May 10. The risk of a market reversal will increase significantly if the support barrier of $ 240 is overcome.
Technical indicators:
- 4 hours MACD is in the bullish trend zone.
- 4 hours RSI is above 50 (in the neutral area).
- The main support level is $ 240.
- The main resistance level is $ 250.
- Nearest pivot points: $ 241 and $ 251.
Source: en.bit.news
