As of now, the cryptocurrency ecosystem is not in the perfect situation, as Ethereum the largest Altcoin dropped more than 1.5% of its value on the day from $231.90 intraday high to $226.43 low. Ether confronts a bearish biased trend which implies that the path of least resistance goes down into the weekend session. Per volume-wise, ETH is now floating around $7.1 billion, with a $25.6 billion 24-hour Market Cap. Sellers may take charge, meaning uncertainty can be projected to increase as downside risks build around the pivotal $230 level on ETH/USD. Concurrently, data from Glassnode, an on-chain analytics platform, indicate that the number of Ethereum addresses holding 0.1 or more ETH has exceeded the 3 million mark. An increasing trend has been going on since January; another sign on Ethereum that investors are getting more bullish.
*Ethereum the largest Altcoin dropped more than 1.5% of its value on the day from $231.90 intraday high to $226.43 low
*Sellers may take charge, meaning uncertainty can be projected to increase as downside risks build around the pivotal $230 level on ETH/USD
*Data from Glassnode, an on-chain analytics platform, indicate that the number of Ethereum addresses holding 0.1 or more ETH has exceeded the 3 million mark.
Resistance Levels: $260, $250, $240
Support levels: $220, $210, $200
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
Ethereum price hit $225 price level on Friday following a prior session rejection at $235. The trend is generally consolidating within a range where $240 is the range restriction, and $220 is the range support. The sideways market action tends to shed light on technical indicators such as the RSI and the moving averages. Despite the bearish pressure, there is still activity for the bulls. Besides, the price maintains beyond both the MA 50 and MA 200 to validate to a certain degree that bullish pressure impacts the price.
Ethereum doesn’t have high volumes to support gains towards $240 and $250. On the downside, support is projected at $220 and $200 in the days ahead. Once losses proceed beneath $200, the $185 MA 200 area may prove useful to prevent the bearish phase from recording further loss.
ETH/USD 4-Hour Chart: Ranging
ETH/USD 4-Hour Chart
As seen on the 4-hour chart, Ethereum tries to remain beyond the pivotal level of $230.00 on Friday, following a cryptocurrency market reversal on June 15. A reversal back to support area of $220.00 appears probable when trading is beneath the level of $250.00. Over the short term, a breakout beyond last week’s high trading may see ETH/USD pair rally towards the $255.00 mark.
At the outset of a trajectory that seems probable towards the $220 mark, the ETH/USD pair is holding steady at $230.77, with the prospect of a reversal to the $200 level. The initial level of resistance beyond the market price is $240, then the second level of $245 and the third level $250. The initial support level is at $220 beneath the market price, then the second at $210 and the third at $200.
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