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Ethereum could not get close to 250
Jun 25, 2020 Forex News
As Ethereum approached the $250 mark, it began to feel more resistance. After the ETH/USD pair reached a maximum of $249, it began to decline sharply down. Today, the ETH/USD pair continued to decline and reached a minimum of $227,05.
A breakthrough of support of $244 opened the door to Ethereum to decline. As a result, the ETH/USD pair fell below the important support level of $235. At the time of publication, the ETH/USD pair is trading around $234.
Now the $235 level has become the resistance level for Ethereum. To resume growth, the ETH/USD pair needs to close today above the level of $235. In this case, Ethereum can once again try to approach the $250 mark. It is worth noting that the ETH/USD pair is still holding above the Moving Average 100, so the chances of a resumption of growth remain.
If the pair ETH/USD cannot return above the $235 mark, there is a possibility of a continued decline. In this case, the area of $228- $225 provides sufficient support for Ethereum. If the bears lower Ethereum below this area, this will nullify the chances of early recovery.
Technical indicators RSI and MACD are in a bearish direction. The RSI is forming just above 40, keeping a bearish direction.
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