Ethereum has broken a major resistance at the $220 level as the cryptocurrency stabilizes its price above that resistance level. The popular cryptocurrency began an assault to surge higher on June 8 and has now successfully climbed through major barriers while the bulls are demanding to run for the $250 mark.
In the short term bull run that supported the price of ethereum to its current price of $245, the cryptocurrency attained a significant 4% within the last 24 hours. Also, market capitalization improved together with its exchange volume within the same timeframe. Both values flicker around $27.20 billion and $10.61 billion respectively.
While prices continue within the periphery of the $245 resistance level, the bears are staging simultaneous unsuccessful trials to drag the price down by a slight margin. Nevertheless, buying tension equalizes both sides of the market attitudes.
ETH/USD 4-Hour Price Chart
On the ETH/USD 4-hour timeframe, prices took a bullish turn after a full retracement occurred at $234.48 (0 Fibonacci retracement level) on June 7, 23:30 hours UTC. At the time, the price surged due to buying pressure and touched $242 as of June 8, 01:30 hours UTC.
Sellers attempted to take turns but couldn’t jerk the price much beneath before it proceeded its bullish path. The pair printed a bullish engulfing candle, which also confirmed that the bulls were still in charge.
As the price rises through elevated heights, we should anticipate a withdrawal due to an increasing sell wall on main exchanges by traders who are taking profits. This may pull the price down by a tiny latitude. If this materializes, prices are predicted to find support at the immediate 0.5 Fibonacci retracement level ($242 mark). Below this, additional supports lie between $239 and $237 ( 38.2% and 23.6% fibo levels respectively).
Assuming the buyers conference again for a bull run, instantaneous resistance lies at $245. If the price survives this phase, it may voyage towards $250 more easily than we think to establish support in the area in the near term.