ETH/USD:
Support: $240, $235, $225.
Resistance: $250, $254, $268.
ETH/BTC:
Support: 0.025 BTC, 0.0243 BTC, 0.024 BTC.
Resistance: 0.0255 BTC, 0.026 BTC, 0.0265 BTC.
Ethereum surged by 20% over the past fortnight after it climbed from $200 to reach $250. However, since then, ETH has struggled to continue higher. The cryptocurrency ended May by breaking above $215, which allowed it to surge above the previous consolidation pattern and head toward $250.
In June, ETH has pretty much traded sideways between $235 and $250 and must break this short term range to dictate the next direction.
Looking ahead, once the buyers break above $250, the first level of resistance lies at $254. Above this, resistance lies at $258 (bearish .618 Fib Retracement), $268, and $275.
On the other side, if the sellers push beneath $240, support lies at $235, $225, and $215. Beneath this, added support is found at $210 and $200.
The RSI is above 50 but is falling quickly to indicate fading bullish momentum. For a break above $250, the RSI must push higher to show increasing bullish momentum within the market.
Against Bitcoin, Ethereum penetrated above a symmetrical triangle pattern last week as it broke above 0.025 BTC. However, since then, ETH has struggled to overcome the resistance at 0.0255 BTC.
ETH failed to push beyond this resistance on every attempt during June 2020.
Once the buyers break, 0.0255 BTC resistance is then located at 0.026 BTC. Above this, resistance is found at 0.0265 BTC, 0.0268 BTC, and 0.027 BTC.
On the other side, the first level of support lies at 0.025 BTC. Beneath this, support is found at 0.0243 BTC (.236 Fib Retracement), 0.024 BTC, and 0.0236 BTC (.382 Fib Retracement).
The RSI is also above the 50 line but is falling to indicate fading bullish momentum.
