Ethereum Price Analysis: 14 June, Ethereum News

Ethereum Dominant Trend: Bullish

Resistance Levels: $280, $290, $300

Support Levels: $220, $210, $200

Ethereum trades marginally in red on Thursday, down about 1%. The price of ETH/USD is evolving into a bullish pennant structure, despite the slight losses on Thursday. After forming a support base close to the $250 level, the price of Ethereum broke yesterday (June 13) the resistance of $255 against the US dollar. The ETH/USD gained bullish momentum after breaking the resistance on Thursday to $250 and the 55-day moving average. The bulls took control and raised the price above the resistance levels of $255 and $260. As a result, the price reached $264, a new weekly high above the level of $260. The price has been negotiated near the level of $265 and is currently low. On the other hand, there are many supports close to the $255 and $252 levels. In addition, an important uptrend line is forming with support close to $252 on the 4-hour ETH/USD chart.



Therefore, if the price is corrected downward, it is likely that a strong purchase interest will arise around the levels of $260 and $265. A break below the trend line could return the price to the level of $240 support. On the positive side, the initial resistance is around $270. A net break above the $270 level may require a $280 test. Recently, we can see that Ethereum fell below the support of $250, but found additional support at $225 where it was recovered. Ethereum recently diverted $260 to face the resistance. From above; the closest resistance level is now $250. Above this, a higher resistance is located at $280, $290 and $300. If the bulls continue above $300, there is greater resistance at $310, $320 and $330. From below: the closest support level is now $250. Below that, additional support is $220, $210 and $200. If the seller continues below $200, substantial support can be established at $190. The RSI recently moved below level 60 to show that sellers control momentum.

Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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