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Ethereum Price Analysis, 20th June: ETH Bulls Eyeing $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

Supply Levels: $290, $300, $310

Demand Levels: $245, $235, $225

 

Ethereum Price Analysis

Ethereum price (ETH) has had very positive results in recent months, which has placed a considerable distance between its current price levels ($268 today) and its year lows ($104 in January 2019), which is currently less than $200 margin. Despite this, Ethereum price continues to face strong resistance around its current price levels, and we believe that it will soon be under pressure to sell, despite the strength of the aggregate crypto markets. At the time of writing this report, Ethereum was trading more than 1% at its current price of $268, slightly above the daily minimum of $263. Ethereum price is consolidating since last month, ranging from $230 to $280, the first level it constitutes a region of solid support and the last price, a high level of resistance. In the past seven days, ETH has reduced its trading range from $240 to $275 and seems to be finding support in the region where revenues are below $260. A break above $274 will cause the ETH to arrive at $300, but a fall to $240 could be a problem.

ETH to USD Price Chart 20th June
ETH to USD Price Chart 20th June

Ethereum price rose slightly, rising from $265 to $268 on Wednesday. After struggling to overcome the $276 supply, Ethereum price began a downward correction against the US dollar. The ETH/USD traded below demand levels of $270 and $265. The close was also below the $270 level and the 50-day moving average. In addition, the price has been traded below an important uptrend line with supply close to $270 on the hourly chart. This opened the door to new losses, but demand levels of $262 and $260 remained intact. Because the lowest levels are around $261 and the price is currently rising, there was a break in a declining channel with supply levels of $290, $300 and $310 in the ETH/USD 4-hour chart. On the other hand, immediate support is close to the demand level of $245. However, the main demands are $235 and $225. If the closing is below $225, the price should fall further. The RSI for ETH/USD is still below level 60, with a flat structure.

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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