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Ethereum price analysis: still bullish above $220.00

By Nathan Batchelor

11:59, 18 June 2020

Ethereum price analysis

Ethereum price analysis shows that the cryptocurrency needs to break above the $250.00 resistance area to encourage the next major upside rally.

ETH/USD medium-term price trend

The ETH/USD pair has recently started to recover towards the $240.00 resistance area, after key trendline support held firm on the daily time frame.

Ethereum is likely to follow the direction of Bitcoin over the medium term, as the price movements in two cryptocurrencies are highly correlated.

Ethereum technical analysis

Ethereum technical analysis shows that traders need to rally the price above $250.00 to encourage the next major push higher.

The daily time frame shows that sustained gains above the $250.00 level could see the ETH/USD pair rallying towards the $300.00 technical area.

Key medium-term technical resistance above the $300.00 level is located at the $335.00 and $400.00 levels.

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US100

20,712.70 Price
+0.070% 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

3,379.31 Price
+0.840% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

BTC/USD

98,894.30 Price
+0.810% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

XRP/USD

1.43 Price
+18.840% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

ETH/USD short-term price trend

Ethereum technical analysis shows that the cryptocurrency has a short-term bearish bias while the price trades under the $238.00 level.

The one-hour time frame currently shows that a bearish head-and-shoulders pattern has formed.

Ethereum technical analysis

Looking more closely at the bearish, if the price breaches the $220.00 level then a decline towards the $190.00 level appears likely.

If short-term traders move the price above the $250.00 level, then a rally towards the $285.00 level seems likely over the short term.

ETH/USD technical summary 

Ethereum technical analysis shows that the ETH/USD pair can still rally towards the $300.00 resistance level if bulls manage to defend the $220.00 support area.

 

Markets in this article

ETH/USD
Ethereum / USD
3379.31 USD
28.07 +0.840%

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