Ethereum trades near the lower limit of its horizontal channel. $250 aligns as a difficult resistance to break. Ethereum failed to break above $250 for the fourth time in June on Wednesday and turned south. The ETH/USD pair closed the previous three days in the negative territory and lost nearly 6% during that period. With the trading action in cryptocurrency markets turning subdued on Saturday, the pair seems to have gone into a consolidation phase. As of writing, Ethereum was up 0.45% on a daily basis at $230.50. ETH/USD technical outlook Since early June, Ethereum has been fluctuating between $250 and $220. Currently, the 50-day SMA is aligning near the lower limit of this range, suggesting that a daily close below that level could cause the bearish momentum to gather strength. The Fibonacci 23.6% retracement level of the three-month-long rally that started in March is the next support at $215 ahead of $200. On the upside, the 20-day SMA is the initial resistance at $235 ahead of $250. Only a decisive break above $250 could cause the near-term outlook to turn bullish. Ethereum daily chart Additional technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Gold Price Analysis: XAU/USD registered highest close in nearly 8 years above $1,770 FX Street 2 years Ethereum trades near the lower limit of its horizontal channel. $250 aligns as a difficult resistance to break. Ethereum failed to break above $250 for the fourth time in June on Wednesday and turned south. The ETH/USD pair closed the previous three days in the negative territory and lost nearly 6% during that period. With the trading action in cryptocurrency markets turning subdued on Saturday, the pair seems to have gone into a consolidation phase. As of writing, Ethereum was up 0.45% on a daily basis at $230.50. ETH/USD technical outlook Since early June, Ethereum has been fluctuating between $250… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
