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Ethereum Price Analysis, 18th June: ETH Reaching Crucial Level

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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: $295, $300, $305

Support Levels: $240, $235, $230

 

Ethereum Price Analysis

In recent days, Ethereum price has steadily increased, exceeding the offer of $250 against the US dollar. The ETH/USD has cleared the supply area of $265 and the 50-day moving average. Recently, the price even eliminated supply levels of $270 and $275. A new monthly high was formed near $278.95 before the price caused a downward correction. There was a strong downward correction below the $275 and $270 levels. Ethereum price even fell below the $265 level, but the 50-day moving average was strong demand. In addition, an important uptrend line is forming with demand close to $269 on the ETH/USD time chart and the pair has rebounded above $270. However, the upward movement was limited by the area at $272 to $274. Ethereum price has already made two attempts to settle $272 and is going down. The initial offer is around $290. If there is a break above $290 and $295, the price could still increase.

Ethereum Price Chart 18th June
Ethereum Price Chart 18th June

On the other hand, the support of the trend line and a 50-day MA close to $260 are crucial obstacles for sellers. As long as the price exceeds $265, it is likely to recover. A strong break above the $275 level could perhaps push the price even higher. Looking at the graph, Ethereum’s price is clearly traded with a positive bias above the $260 and $265 levels. On the positive side, a break above the $272 level could generate earnings above $275 and $280. Once the price exceeds $280, it could reach $290 and $295 in future sessions. The ETH/USD seems to exacerbate the upward pressure on the stochastic RSI, with the next key supply level between $300 and $305. When testing the lower channel, a break down could send the market to the $240, $235 and $230 demands. As it seemed now, bulls are more likely to push Ethereum price higher, as the RSI for ETH/USD is still above 50 levels.

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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