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Ethereum Price Analysis, 15th June: ETH Bulls Targeting $300

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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.

ETHUSD Dominant Trend: Bullish

Resistance Levels: $280, $300, $320

Support Levels: $220, $200, $180

Ethereum Price Analysis

Ethereum price has gone from $255.15 to $266.17 this Friday. The bulls face resistance at $280 if they want to maintain momentum. Recently, Ethereum price has increased considerably, surpassing the resistance of $250 and $255 against the US dollar. The ETH/USD has even exceeded the $260 level and has been above the 100-day moving average. Finally, the price has been negotiated at the level of $265 and a downward correction has recently begun. There was a formation of high swing at $264 which allow the price to drop below the support of $260. In addition, a key bull trend line is forming with support close to $253 on the ETH/USD time chart. The 100-day MA also serves as support near the $200 zone. The main barrier is close to the support level of $220 and below which the bulls could lose control. In the case mentioned, Ethereum price could perhaps go down to the support level of $180.

Ethereum Price Chart 15th June
Ethereum Price Chart 15th June

On the positive side, the initial resistance is around $270. If there is a break above $270 and $275, the price could still go up. The main resistance is near the levels of $280 and $300, above which the price should prove $320. Looking at the chart, Ethereum price is clearly traded near a couple of important supports, between $220 and $200. As long as the price exceeds $200, it is likely that a new upward movement will begin in future sessions. The ETH/USD bulls must break the large resistance zone seen in the territory at $280 to reach higher heights and the next area of interest would be a new test of the territory at $300. Ethereum won $260 a few hours ago but started withdrawing during today’s Asian trading session. The fall of 1.5% reduced the ETH to around $255, which is still higher than most of last week, with the RSI indicator stochastic recovering from the oversold zone.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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