Ethereum Price Analysis: Bulls Test Resistance At $250 Amid Struggle To Regain Momentum

The price of ethereum was seen to have touched the $250 mark on June 10, 23:10 hours UTC after a short bull tantrum that turned the market sentiments bullish.

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However, the buyers could not hold on to the level much longer than the bears stepped in to strip them of positions. At present, market sentiments remain bullish as ETH/USD changes hands at $246.74.

The bulls took control and overcame the resistance at $245. Having launched another successful attack, the run was enough to push the price up to the $250 mark.

However, in correlation to BTC markets, prices fell for a bear trap in which ETH/USD found support at the $246 area. 

ETH/USD Price Chart

The bullish movement is contained above rising support which coincides with ETH/USD price at $246. The key level to watch here would be a breakout of this uptrend.

A break to the downside will support a bear movement towards the next support at $240. 

However, if the bulls keep up the buying pressure, prices may escape the upper limit of the Bollinger band. ETH/USD will move to test the next resistance at $250 again for the fifth time since the beginning of the month. Beyond this level, further resistance at $260 preceded a major hurdle at $270. 

The resistance Strength Indicator failed to touch the RSI level 70.0. This would have been an advantage for the bulls to keep the momentum up for a while.

However, having returned from the sub-70 area, the indicator has just penetrated the 60.0 level to test the next support at 50.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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