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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.

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.

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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