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    Ethereum price analysis: $250.00 resistance remains key

    By Nathan Batchelor

    13:58, 12 June 2020

    Ethereum price analysis

    Ethereum continues to press against critical resistance, as ETH/USD bulls attempt to rally the cryptocurrency to a new multi-month high.

    Ethereum price analysis shows that a sustained breakout above the $250.00 level should see the cryptocurrency testing towards the $290.00 level.

    ETH/USD medium-term price trend

    Ethereum remains well supported by dip-buying interest as the cryptocurrency presses against key trendline resistance on the daily time frame. 

    Ethereum technical analysis shows that gains above the $250.00 level expose further upside towards the $290.00 level.

    Ethereum technical analysis

    The daily time frame shows that if the ETH/USD pair reaches the $290.00 level then a large inverted head-and-shoulders pattern will form.

    According to the size of the potential bullish pattern then the ETH/USD pair could rally towards the $500.00 level over the medium term.

    It is also noteworthy that a major breakout from a long-term triangle pattern will take place if the price breaks out from the $250.00 level.

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    BTC/USD

    99,132.35 Price
    +1.060% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 106.00

    Gold

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    ETH/USD

    3,395.70 Price
    +1.310% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
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    Spread 6.00

    US100

    20,709.90 Price
    +0.020% 1D Chg, %
    Long position overnight fee -0.0241%
    Short position overnight fee 0.0019%
    Overnight fee time 22:00 (UTC)
    Spread 1.8

    ETH/USD short-term price trend

    Ethereum technical analysis shows that the cryptocurrency is bullish over the short term while the price trades above the $217.00 level.

    The four-hour time frame currently shows that a symmetrical triangle pattern has formed.

    Ethereum technical analysis

    According to the size of the neutral pattern, the ETH/USD pair could rally towards the $275.00 level, if bulls move the price above the $250.00 level.

    Technical analysis shows that a drop below the $240.00 level could cause the ETH/USD pair to decline towards the $217.00 level.

    Traders who are bullish towards the ETH/USD pair may wait for a breakout above the $250.00 level or a pullback towards the $217.00 support areas.

    ETH/USD technical summary 

    Ethereum technical analysis highlights that the ETH/USD pair could stage a major rally if the price settles above the $250.00 level. The $290.00 level is seen as a likely upside target.

    Markets in this article

    ETH/USD
    Ethereum / USD
    3395.70 USD
    43.81 +1.310%

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