The crypto market has been overshadowed by reports of the coming Facebook GlobalCoin. Little attention has been paid to other cryptos because everyone is waiting to see what impact the Libra coin will have on the market. Others have called the initiative a distraction from BTC. While there are some who believe the new Facebook coin will displace XRP. All in all, on June 17 the major cryptos stayed in the green zone. One notable example of tokens that made good gains in a bullish position is Ethereum.
The price of Ethereum has continued its bullish action from June 17. The question is why are the bulls still in control of the ETH/USD market? In the last 24 hours, the Ethereum price has been placed nicely in an upward trend above the $265 position against the USD. Ethereum price could climb higher sharply the moment it surpasses the $278-279 position which is a resistance area.
Ethereum (ETH) Price Today – ETH / USD
Cryptocurrency Market Update: Ethereum Price Has Risen From $252 to $255 and $260
In the last few days, ETH price has seen a steady rise from $252 to $260 against the USD. The ETH/USD pair managed to trade above $255 and $260 which are both resistance levels. The pair eventually broke the $265 position (a resistance) and settled over the 55 day SMA (4-hour). Finally, there was also a test of the resistance positions between $278 and $279 where sellers took their stand.
A fresh swing high was also formed near the $279 area and the price then corrected lower. ETH price also broke the $272 region and the 23.6% Fibonacci retracement position via the upside from$252 to $279. However, the correction eventually found support near $265. Moreover, we can see a crucial bullish pattern forming with support at $266 via the 4-hour chart of the pair.
Cryptocurrency Market Update: a Downside Extension Could Materialize if ETH/USD Doesn’t Stay Above $252
The 50% Fibonacci retracement position via the upside from $252 to $279 is also acting as a fresh buying zone. If the ETH price fails to stay over the trend line at $265, a downside extension could occur. The next key support positions are at $258 or the 76.4% Fibonacci retracement position via the upside from $252 to $279. If more losses occur, the price of Ethereum could test $255 and the 55-day SMA.
Looking at the upside, we can see that the $278-$279 resistance position holds much importance. Once there’s an upside break over the $278-$279 area, ETH price could accelerate to $288. Now above the $288 position, the price of Ethereum is likely going to surge near the $300 and $305 price positions.
Cryptocurrency Market Update: Ethereum Price is Struggling to Surpass $278-$279
Looking at the ETH/USD chart, Ethereum price is struggling to move over the $278-279 resistance point. If this struggle continues, the chances of a downside correction will increase. The correction would be under $265 and $260. If not, Ethereum price could climb near $300 and $305 in the near term
MACD is slowly moving towards bearish territory while RSI is declining near the 50 level. There are key support positions at $265 and $258. The major resistances are at $279 and $288.