Ethereum Price Analysis 19 June, Can ETH reach $305 today?

1 month ago

Ethereum ETH USD Dominant Trend: Bullish

Resistance Levels: $285, $295, $305

Support Levels: $245, $235, $225

Ethereum (ETH) tried to recover more than $274 on Tuesday but failed to maintain the upward momentum. The second largest cryptocurrency, with a market capitalization of $28.6 billion, has practically not changed in the last 24 hours and has fallen by 2.5% since early Tuesday. The average daily transaction volume for ETH is $5.7 billion, well below $9.7 billion on Monday. On the technical side, ETH/USD outperformed the $265 support created by the lower Bollinger Band limit of 4 hours and almost broke the blue line of the 50-day moving average before buyers retreated. This has obscured the technical image in the short term, but the ETH/USD bulls have the opportunity to recover at $270. This barrier is likely to stop the sale; However, once this course is eliminated, the earning potential is likely to increase, with the next focus at $260 and $265 respectively.

In addition, a lasting movement below this control will generate more sales and lower the price to $245. On the positive side, the rally has a cap of $270, followed by $275 (the intraday maximum). A sustained movement on this control will open the way for the next bullish target of $280 (upper limit of the Bollinger Band of 4 hours). Critical resistance levels also expect ETH/USD bulls to be at $285 and$ 295 (the upper limit of the Bollinger Band) and the most recent at $305. Looking at the chart, Ethereum’s price is clearly struggling to gain momentum above $275 and $280. A successful close above the $280 mark is essential for a strong increase to the resistance levels of $295 and $305. On the other hand, if there is a break below the support of $245, the price should continue to fall in future sessions. The MACD for ETH/USD is progressing slowly in the bearish zone, with negative signs.

Azeez Mustapha @ItuGlobal

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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