ETH Price Analysis – June 16
The last six trading days has been tremendous for this coin as the price moves above $260. While the buyers now aim at the next price level, the market may need to retest the previous support before soaring high again.
Resistance levels: $320, $325, $330
Support levels: $200, $195, $190
For more than 2 months now (April 30), Ethereum market has remained in an ascending broadening wedge, following a bullish scenario. Since May 17 to June 9, ETH/USD has been ranging from which the market price reached its highest peak of the month touching the resistance level at $288.71 on May 30. The cryptocurrency broke in the last 4days following a bullish continuation pattern to touch the $273.50.
The chart above shows that Ethereum’s price is trading well in a strong uptrend above $265 and $260. Whenever the price is above $260, there is a possibility that additional benefits will be obtained in the short term. The next resistance key above $300 is close to the $320 level. If the price keeps rising, it could even break the $325 in future sessions. The next big obstacle for the bulls is close to the $330 level.
Comparing it with Bitcoin, it was discovered 2days ago that ETH/BTC pair broke down significantly below the symmetrical triangle, marking new support at 0.013BTC. The falling of the price was shown on the Stochastic RSI as it crossed over to the oversold zone, which might be considered as a bearish sign for the market.
Conversely, the market could collapse at the levels of 0.024BTC, 0.023BTC and 0.022BTC. However, ETH continues to decline. As indicated in the MACD, the market follows a bearish scenario. The stochastic RSI has suggested that Bitcoin is winning, which could be reflected in the chart in the future.
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Azeez M. Mustapha
Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.