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.