Market Overview

ETH/USD Breaks Rising Channel Support

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ETH/USD Breaks Rising Channel Support
  • Ethereum has a bearish bias following up trending channel broken support.
  • Ethereum is supported at $250 (100 SMA 1-h), $240, $230 and the key support at $225.

Ethereum has been on an upward trajectory since the establishment support at $225. The largest altcoin embarked on a gain-trimming exercise after the buyers failed to push the price above $300. Although a new 2019 high was from around $293, declines from the high explored the depth of the rabbit hole butchering key support levels at $280, $260 and $240.

The trend this week has been more like a rollercoaster ride with Ethereum first extending the losses below $230 and then recovering from the $225 support within a rising channel as seen on the hourly chart. ETH/USD trading pair tested the levels close to $265 on Thursday, June 13 but overwhelming selling power capped the gains opening the door for a correction move.

The broken rising channel support further pushed the declines below $255 forming an intraday low at $252. The price currently hovers above $255, although ETH/USD has a bearish bias. The RSI sloping trend means that the bear momentum is gaining strength while the MACD sliding into the negative zone is a key indicator of bearish pressure and rising selling power.

Ethereum is supported at $250 (100 SMA 1-h), $240, $230 and the key support at $225. On the upside, $260 is a hurdle that has to be cleared for ETH to attack higher levels at $265 (seller congestion zone) and beyond.

ETH/USD 1-hour chart

Image Sourced by Pixabay

Posted-In: crypto market EthereumCryptocurrency News Forex Global Markets General

 

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