Ethereum price analysis: $250.00 resistance remains key

By June 12, 2020Ethereum
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Ethereum continues to press against critical resistance, as ETH/USD bulls attempt to rally the cryptocurrency to a new multi-month high.

Ethereum price analysis shows that a sustained breakout above the $250.00 level should see the cryptocurrency testing towards the $290.00 level.

ETH/USD medium-term price trend

Ethereum remains well supported by dip-buying interest as the cryptocurrency presses against key trendline resistance on the daily time frame.

Ethereum technical analysis shows that gains above the $250.00 level expose further upside towards the $290.00 level.

Ethereum technical analysis
Ethereum technical analysis

The daily time frame shows that if the ETH/USD pair reaches the $290.00 level then a large inverted head-and-shoulders pattern will form.

According to the size of the potential bullish pattern then the ETH/USD pair could rally towards the $500.00 level over the medium term.

It is also noteworthy that a major breakout from a long-term triangle pattern will take place if the price breaks out from the $250.00 level.

ETH/USD short-term price trend

Ethereum technical analysis shows that the cryptocurrency is bullish over the short term while the price trades above the $217.00 level.

The four-hour time frame currently shows that a symmetrical triangle pattern has formed.

Ethereum technical analysis
Ethereum technical analysis

According to the size of the neutral pattern, the ETH/USD pair could rally towards the $275.00 level, if bulls move the price above the $250.00 level.

Technical analysis shows that a drop below the $240.00 level could cause the ETH/USD pair to decline towards the $217.00 level.

Traders who are bullish towards the ETH/USD pair may wait for a breakout above the $250.00 level or a pullback towards the $217.00 support areas.

ETH/USD technical summary

Ethereum technical analysis highlights that the ETH/USD pair could stage a major rally if the price settles above the $250.00 level. The $290.00 level is seen as a likely upside target.

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Ethereum price analysis shows that a sustained breakout above […]

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