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Ethereum Price Analysis, 25th June: ETH struggling around $320 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.

ETHUSD Dominant Trend: Bullish

Supply Levels: $330, $340, $350

Demand Levels: $280, $270, $260

 

Ethereum Price Analysis

Ethereum price has increased considerably above $300 but has struggled to overcome the resistance of $315 to $320 against the US dollar. The corrected price fell below the $300 level and found support near the $295 level. There was a break below an important uptrend line with support close to $305 on the ETH/USD hourly chart. The pair is currently correcting higher, but it is likely that more ranges will move below $320. Last week, Bitcoin and Ethereum posted solid gains of more than $300 and $10,000 respectively against the US dollar. The Ethereum price gained ground above the $305 and $310 levels. There was even a close above the $300 level and the 55-day moving average. Ethereum price has been negotiated close to the $315 level and there was a high swing workout close to $315. It seems that the price has struggled to near or stay above the $315-320 resistance zone. As a result, there was a downward correction below the $310 level.

ETH to USD Price Chart 25th June
ETH to USD Price Chart 25th June

However, there was a break in an important bull trend line with support close to $305 on the ETH/USD hourly chart. On June 24, 2019, Ethereum price was less than $300. However, the 55-day moving average was very close to the $290 level. Looking at the chart, a minor change was formed at $290 and the price is currently rising. On the upside, there are few obstacles for the bulls near $310 and $312. In addition, the main resistance is near the level of $320 and the ETH must exceed the level of $320 to start a new climb. The following key resistances are close to $330, $340 and $350, above which Ethereum price could accelerate. The price of the Ethereum faces a lot of resistance below $310. As a result of this, there is a possibility that the range moves before the next move (probably above $310 and $315). On the downside, the main support is close to the $280 level, followed by $270 and $260 when the stochastic RSI recovers 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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