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.
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.