Ethereum Bounced Back Above $250, RSI Turns Positive – Bullish Sign

Ethereum Bounced Back Above $250, RSI Turns Positive – Bullish Sign
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Ethereum (ETH) Price Analysis – June 14

While Bitcoin’s price spikes, Ethereum has begun to drop as price heads towards the 0.03BTC. Despite the bearish scenario, ETH has managed to stay above the $250 against the Dollar. If Bitcoin can remain stable for a while, we may see an interesting performance in the Ethereum markets.

ETH-USD Market

Key Levels:
Resistance levels: $270, $280
Support levels: $240, $230

Ethereum price bounced after establishing a weekly low at $223 area on Monday, rising to $264 before the retracing to the $250, where the lower wedge lies. Now, ETH is back above the $250 with a possible new high which is likely at $270 resistance. Above the mentioned price, further support can be met at $280 and $290.

ETHUSD, 4H Chart – June 14

Looking at the 4-hours RSI indicator, the 50 level is acting as a support for the market. If the bulls act upon this level, the price may hit the mentioned resistance. However, the market may as well slide to the $240, $233 and $223 if the bears step into the market. On the 4-hours Stochastic RSI, Ethereum is at the oversold condition.

ETH-BTC Market

Against Bitcoin, the last 24-hour has appeared to be bearish for Ethereum as the market experiences a drop from 0.032BTC area, approaching 0.03BTC support. In fact, the 4-hours RSI has simultaneously fallen near the oversold region. Meanwhile, the 4-hours Stochastic RSI is revealed convincingly at the oversold territory, a strong bearish confirmation.

ETHBTC-4H-Chart-June-14

If the price is rejected at the 0.03BTC, the bulls might push the market back to the 00.032BTC at the upper channel. If a breakout occurs, we can expect an immediate resistance at 0.033BTC and 0.035BTC, from above. Below the channel, the key supports lie at 0.028BTC and 0.025BTC.

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About AzeezMustaph

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Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management