Ethereum Price Settles Below $235 As More Bearish Moves Looks Highly Probable


Ethereum price has broken a key support level at $235 following a time of consistent sell-off which occurred between June 16 to date. At the moment, Ethereum is changing hands at $232 as the top cryptocurrency attempts to gain velocity upwards again.

Ethereum was trading at $242 as of June 15, 23:00 hours UTC, the coin has lost more than 5% in the last two days. This happened with regards to bitcoin market correlation which Ethereum has achieved a lot of times this month. 

As of now, however, prices appear to be stable around $232 as further technical analysis suggest a ranging market within a few more days.

ETH/USD Technical Analysis

ETH/USD peeks included a horizontal market movement according to the 4-hour  timeframe. This, of course, is the result of the sell-off which delivered the Resistance Strength Indicator (RSI) wrecking below the immediate support of the overbought condition at 60.0

The price declined as low as $230. However, market buyers took turns to push them back upwards. This dilemma resulted in prices smashing the main resistance at $240and $235 areas respectively.

Ethereum Price Settles

The RSI indicator first hit the 50.0 level during the price decline on June 15, 00:00 hours UTC. The sellers, however, substantiated stronger and the price went below it, plunging to 46.0 area. This indicated a transition towards a bullish tendency in the elevated timeframe.

The dive below the $235 has now twisted Ethereum to the impartial bias. Eth/USD would have to climb above $235 to lean bullish again. A closing candle below $230 would likely turn Ethereum bearish in the short term.

Alternatively, if the bulls gather strength to move up, the initial point of resistance exists at $240. Further above, buyers may face major hurdles at the $242 area. Beyond this level, we may see Ethereum trading back at $245 within the next few days. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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