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Ethereum (ETH) Breaks New Highs; It Is Within Important Striking Distance against $250 Resistance: Price Analysis & Overview

Key Highlights

  • Ethereum upward move is likely as it is above $240 support
  • Possibly, a strong bounce above $240  will propel price to rally above $250

Ethereum (ETH) Current Statistics

  • The current price: $245.53
  • Market Capitalization:  $27,307,757,980
  • Trading Volume: $10,039,142,250
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis June 5, 2020

Ether (ETH) has made impressive moves after breaching initial resistances including the resistance at $227. Regrettably, Ethereum bulls are struggling to retake the $250 resistance after an initial success. About 48 hours ago buyers were repelled after retesting the resistance level. This affected the biggest altcoin to slump to $225 low. Immediately, buyers made an upward correction to $243 high but are facing resistance at $250 high.

ETH/USD - Daily Chart

ETH/USD – Daily Chart

The upward movement will continue as long as the price is above $240 support. A strong bounce above this support will equally break through the $250 resistance and the momentum will extend to $280 high. This analysis will be invalidated if the bears turn around and break below the $240 support level. This bearish reaction will cause the crypto to reach a low of $220. Perhaps, Ethereum will be compelled to a sideways move if the bulls fail to breach the resistance at $250.

Ethereum Technical Indicators Reading

The cryptocurrency is in the overbought region above 80% range of the daily stochastic. The implication is that sellers may emerge if the price reached the overbought region. Ether may retrace to $220 low and resume a fresh uptrend. On the upside, if the bulls break the $250 resistance and the momentum is sustained, the overbought condition may be hold.

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