Ethereum (ETH) Faces Hurdles and Imminent Breakdown; Here‘s Why

Key Highlights

  • Ethereum has an uphill task of breaking the $238 and $240 resistances
  • Ethereum must be well supported above $230 or $232 to avoid further decline

Ethereum (ETH) Current Statistics

  • The current price: $233.57
  • Market Capitalization: $26,018,829,168
  • Trading Volume: $7,179,485,414
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis June 18, 2020

Ethereum slumped to $218 low and rebounded immediately to trade above the $230 support. After a disappointing breakdown on June 2, the biggest altcoin has been gradually falling from the $252 resistance. The coin has fallen and it is above the support line of the ascending channel. On the upside, Ethereum bulls must break the $238 and $240 resistances to start a fresh uptrend. This will propel price to rise quickly above the $250 and $255 price level.

BTC/USD - Daily Chart

BTC/USD – Daily Chart

Interestingly, a bounce above $250 will catapult the coin to $288 high. This will position the altcoin to be completely out of the bear market. On the downside, where buyers fail to push the price above the current resistances, the bears will attempt to break below the $230 and $232 support levels. There will be a bearish reaction if the bears are successful. The market will decline to $220 low but there will be immediate support at $224 price level.

See Also: Does Ethereum Have Halving? Bitcoin’s Happens Every Four Years

Ethereum Technical Indicators Reading

Ethereum is currently struggling to break above the 12-day EMA and the 26-day EMA. The crypto will resume upward move once it is above the EMAs. On the downside, if price breaks and closes below the support line of the ascending channel, the market will drop to $220 or $200. The EMAs are sloping upwards indicating the uptrend. The market is currently above 40% range of the daily stochastic. It indicates that Ether is in a bullish momentum.

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