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Ethereum Price Analysis, 28th June: ETH turns Red following BTC

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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: Bearish

Resistance Levels: $360, $370, $380

Support Levels: $260, $250, $240

Ethereum Price Analysis

The ongoing crypto butchery sends most of the digital assets on a tailspin. Ethereum price is less than $300 after a fall of more than $364. The fall in prices is related to Bitcoin, which increased from highs above $13,000 to levels close to $11,000. The upward trend of the Ethereum price since the June lows, around $226, has reached and exceeded the new annual highs. The recent increase of more than $350 was a key indicator of $400. However, the hit above $360 caused the encryption head to fall like a stone in the air. All the technical indicators are negative at the time of writing this article. The RSI has almost sold out after falling sharply from the level above 70 and is now trying to recover to exceed level 40. The divergence of the MACD to the south suggests that sellers will continue to test themselves in the coming days.

ETH/USD Chart
ETH/USD Chart

In addition, an upward movement is emerging in the channel with a support level of almost $280 on the 4-hour ETH/USD chart. If there is a cut below the support level of $280, then the price could prove the claim at $260 but the main support level is now around the $250 and $240 levels. Looking at the chart, the Ethereum price is operating within the channel and clearly retakes its bullish momentum above the $300 level and Ethereum price is trying to cross above the 55-day moving average. Meanwhile, buyers must gather sufficient evidence above the $320 and $330 levels to remain the market controller. In the event that they are successful, there is a good chance that more profits will exceed the $340 resistance level. The next step for the bulls in the previous case could be close to the resistance levels of $360, $370 and $380 while the RSI for ETH/USD is currently well above level 40, forming 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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