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Ethereum Price Analysis, 17th June: ETH Following Bitcoin

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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.

ETH/USD Dominant Trend: Bullish

Resistance Levels: $290, $300, $310

Support Levels: $230, $220, $210

 

Ethereum Price Analysis

Ethereum price has recovered recently and has exceeded resistance levels of $260 and $265 against the US dollar. Ethereum price is currently trading near the key resistance of $290, on which it could still rise. An important bull trend line is formed with support at $230 on the 4-Hour ETH/USD chart. The pair is likely to break the $290 resistance and could even test the $300 resistance zone. Ethereum’s price is gaining momentum against the US dollar, such as Bitcoin. ETH is expected to accelerate in the short term to reach resistance levels of $290, $300 and $310. Last week, the price of Ethereum began to rise steadily against the support area of $230 against the US dollar. The ETH/USD broke many resistances, including $245 and $250. There was also a fence above the resistance of $250 and the 55-day exponential moving average (4-hours). In addition, the price exceeded the $260 resistance and recently tested the key resistance zone of $270.

Ethereum Price Chart 17th June
Ethereum Price Chart 17th June

Moreover, an important uptrend line is being formed with support at $265 on the 4-hour ETH/USD chart. If there is a break below the trend line, the price could even break the support zone to $230, $220 and $210 respectively. The main support to the downside is close to the level of $230. On the positive side, the $290 level is a crucial resistance. If there is a break above $290, Ethereum price could rise above the resistance level of $300. The above chart indicates that Ethereum’s price is clearly trading in a strong bullish trend above $265 and $270. As long as the price exceeds $270, there is the possibility of additional benefits occurring in the short term. The next key resistance above $290 is at the $300 level. If the price keeps rising, it could even break the $310 of the next sessions. The MACD for ETH/USD is slowly progressing in the uptrend 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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