Ethereum (ETH) bulls are resilient as they continue to push towards the $250 region. Despite the recent breakdown, it has made a swift recovery from its previous lows.
Yesterday, it was trading marginally below the $240 price level. Buyers are attempting to push above the $240 high. Besides, since June 2, Ether has been fluctuating between $230 and $250 in order to break the current resistance.
Ethereum dilemma was its attempt to break the $250 resistance but could not sustain the upward move. The subsequent rejection sparked off a sharp selloff that caused it to plunge. Presently, ETH price movement has been insignificant as it has been trading marginally. On the upside, a strong bounce above $235 will propel price to break through the resistance. The biggest altcoin will rally above $250 and the momentum will extend to $240 if the bulls are successful.
On June 12, it corrected upward but the correction is facing resistance at $240. At the moment, ETH is still below 50% range of the daily stochastic. That is, it has bearish momentum. Meanwhile, the price action is indicating a bullish signal.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
The resultant effect of the correction is a downward move. The downward movement is expected to hold at $230 support. Nonetheless, if the bears break below the EMAs, the downtrend may resume. However, if the support at $230 holds, the current fluctuations between $230 and $250 will continue.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.