Lorenzo Stroe
Independent Analyst
- Ethereum dropped below $240 again and it’s at risk of losing the daily 12-EMA.
- ETH/USD is reacting negatively to the rejection at $250 on June 10 but it’s not game over just yet.
Ethereum is clearly seeing a shift in momentum after the rejection we saw yesterday on June 10. The second-ranked cryptocurrency attempted to break $250 again and had a minor rejection that is getting a ton of continuation today. The daily 12-EMA is set at $239 at the time of writing and the bulls are trying to defend it.
Unfortunately, below the 12-EMA there is not a lot of support for Ethereum. The nearest resistance area can be found between $237.67 and $237.25 where the previous hourly and 4-hour lows are converging. The daily Fibonacci 161.8% is also there. Below that, Ethereum doesn’t have a lot of support besides the daily 26-EMA at $228.49.
On the upside, Ethereum encounters a few resistance points starting with the 15-minutes SMA 5 at $239.32. Another resistance level can be found at $240 where the lower Bollinger Band on the 4-hour chart is set.
The key levels on its way down are at $238.86 and $235.38. Resistance key levels are set at $251 and $250 psychological level, as well as, $254.99 and $259.58.
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