Ethereum (ETH) Falls from an Important Rejection, May Break After Massive Uptrend

Key Highlights

  • Ethereum bearish momentum may extend to a low of $225
  • Ethereum may retest or break the $248 resistance if the coin rebounds

Ethereum (ETH) Current Statistics

  • The current price:  $233.49
  • Market Capitalization: $26,032,381,336
  • Trading Volume: $8,577,719,926
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis June 25, 2020

Ethereum bulls have earlier pushed the biggest altcoins to a high of $253 since on June 2. The previous uptrend was terminated because the coin reached the overbought region. Yesterday, the coin suffered another breakdown as buyers were repelled at $248 resistance while attempting to regain the previous price level. The coin dropped to $232 low and immediately corrected upward. This is the second major attempt to regain the previous price level.

ETH/USD - Daily Chart

ETH/USD – Daily Chart

In the first attempt to regain the peak price, on June 11, the bulls were repelled at $248 resistance. At this time, ETH fell to $228 and later dropped to $220 low. Today, Ether is recovering after falling to $232 low. However, the downtrend is persisting at the time of writing. On the upside, if ETH rebounds above the current support, the bulls will be able to push the price above $248 resistance. This will accelerate the price movement to retest the peak price of $253. On the downside, if the bulls fail to hold the current support at $232, the coin will further depreciate to either $225 or $200 low.

Ethereum Technical Indicators Reading

Yesterday’s bearish impulse resulted in breaking the support line of the ascending channel. The implication is that the selling pressure may continue as price closes below the support line. The coin is also approaching the bearish trend zone. The downtrend will resume if price breaks below the exponential moving averages. Initially, ETH was in a bullish momentum as the coin was above 60% range of the daily stochastic. From the price action, the market is indicating a bearish signal. The stochastic bands are confirming the price action as the bands make a U-turn.

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