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Ethereum Price Prediction: ETH/USD Breaks Below $248; More Sell-Off Ahead?

ETH Price Prediction – June 24

The buy Ethereum price is currently trading in the red, ETH/USD bulls must break down chunky daily resistance at $250 for greater upside momentum.

ETH/USD Market

Key Levels:

Resistance levels: $255, $265, $275

Support levels: $220, $210, $200

ETHUSD – Daily Chart

ETH/USD breaks below $243 after an unsuccessful attempt to settle above $248 handle during early Asian hours. As at the time of writing, ETH/USD is changing hands at $235.47, down 3.15% both on a day-to-day basis and since the beginning of the day. The bulls have so far been hit within rejection at the major barrier is eyed at $250, tracking at the potential neckline of a daily double bottom.

On the daily chart, the initial support is created above the 9-day moving average at $235. Once it is out of the way, the sell-off is likely to gain traction with the next focus on a $230 level. If this support level goes way, the downside momentum might start snowballing and the next bearish target waits at $225. It is flowed by the lower line of the channel and the closest supports to keep an eye on are $220, $210, and critically $200. In addition, RSI (14) has nosedive sharply due to the current bearish action in the market.

On the upside, the recovery is capped by the moving average on the daily chart currently at $230. However, the bulls need to clear psychological $245 before they get to the upper side of the channel and proceed to the intraday high of $250. We will need to see a sustainable move above this handle for the extended recovery towards the resistance of $255, $265, and $275 levels.

Against Bitcoin, Ethereum has been moving sideways, especially in the past few weeks. However, Ethereum recently broke under solid support at 0.0250 BTC which later falls through subsequent support level to 0.0249 BTC. The critical support level is below the lower boundary of the channel at 0.0240 BTC and below.

ETHBTC – Daily Chart

However, if the bulls manage to power the market, traders may soon find the resistance level at 0.0268 BTC and above. However, Ethereum is currently consolidating and moving sideways on the medium-term outlook. We can expect a surge in volatility to occur as the RSI (14) is recovering above the 60-level.

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

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