Ethereum Consolidates Above $240, Battles Rejection at $250

Jun 04, 2020 at 11:36 // News
Coin Idol
Ether will rally above $265 if buyers are successful

Recently, buyers pushed the price to a high of $250 but were resisted as the market retraced to a $225 low. Today buyers are unrelenting as they retest the $250 resistance.

The market has reached a high of $246 at the time of writing. Ether will rally above $265 if buyers are successful. The uptrend will extend to the $280 resistance level. 

Incidentally, this is a positive move as Ether has almost recovered from the bear market. However, if the bulls are unsuccessful, it will be mandatory for the coin to be in a range-bound movement between $230 and $250. This is pending when the bulls will have passage to continue the uptrend.

Ethereum indicator analysis 

Following the resistance at $250, Ethereum retraced to the support of the 12-day EMA to resume the uptrend. The uptrend is mandatory as long as the price is above EMAs. The reverse will be the case if the price is below the EMAs. Also, ETH is at level 64 of the Relative Strength Index. This indicates that the crypto is in the bullish trend zone and it is likely to rise.

Key Resistance Zones: $220, $240, $260

Key Support Zones: $160, $140, $120     

What is the next direction for Ethereum? 

Ethereum is making positive moves as the market is nearing to override the bear market. It is currently battling to breach the resistance at $250. The bulls’ clearing the current resistance will accelerate Ether to attain the peak price.

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.

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