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Ethereum Price Analysis, 26th June: ETH Following BTC Pattern

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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

Resistance Levels: $335, $345, $355

Support Levels: $285, $275, $265

 

Ethereum Price Analysis

Ethereum price is slowly gaining above $315 against the US dollar as it consolidates with Bitcoin. The Ethereum price is expected to break the resistance levels of $330 and $335 in the short term. Yesterday, the market witnessed a short-term downward correction of less than $306 in Ethereum’s price against the US dollar. The ETH/USD has remained well above the $300 level. There were many buying interests close to the $295 level and the 55-day moving average. As a result, the price started a new rise and exceeded the levels of $310 and $312. The upward movement was positive since Ethereum price was above the level of $315. The immediate resistance is close to the level of $325, the main resistance upwards is close to the level of $330. If the Ethereum price exceeds the resistance level of $330, it should increase its value. As a result, the price could even exceed resistance levels at $335, $​​345 to $355 in the short term.

Ethereum Price Chart 26th June
Ethereum Price Chart 26th June

In addition, there are many supports near the $300 level. In addition, there is an upward channel forming with support of almost $305 on the ETH/USD hourly chart. If there is a break below $305, Ethereum price could test the support at $300. The main support is now around the levels of $285, $275 and $265. Looking at the chart, the ETH/USD is negotiated at the upper limit of the Bollinger band indicator and clearly is picking up its bullish momentum above the $316 level. Meanwhile, the bulls must gather enough evidence above the $325 and $330 levels to remain the controller of the market. In the event that they are successful, there is a good chance that more gains will exceed the resistance level of $335. The next step for the bulls in the aforementioned case could be close to the level of $345 or even $355. The RSI for ETH/USD is currently well above level 60, with a bullish angle.

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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