Ethereum price analysis: ETH/USD breaks rising channel support
|- Ethereum has a bearish bias following up trending channel broken support.
- Ethereum is supported at $250 (100 SMA 1-H), $240, $230 and the key support at $225.
Ethereum has been on an upward trajectory since the establishment support at $225. The largest altcoin embarked on a gain-trimming exercise after the buyers failed to push the price above $300. Although a new 2019 high was from around $293, declines from the high explored the depth of the rabbit hole butchering key support levels at $280, $260 and $240.
The trend this week has been more like a rollercoaster ride with Ethereum first extending the losses below $230 and then recovering from the $225 support within a rising channel as seen on the hourly chart. ETH/USD trading pair tested the levels close to $265 on Thursday, June 13 but overwhelming selling power capped the gains opening the door for a correction move.
The broken rising channel support further pushed the declines below $255, forming an intraday low at $252. The price currently hovers above $255, although ETH/USD has a bearish bias. The Relative Strength Index (RSI) sloping trend means that the bear momentum is gaining strength while the Moving Average Convergence Divergence (MACD) sliding into the negative zone is a key indicator of bearish pressure and rising selling power.
Ethereum is supported at $250 (100 Simple Moving Average (SMA) 1-h), $240, $230 and the key support at $225. On the upside, $260 is a hurdle that has to be cleared for ETH to attack higher levels at $265 (seller congestion zone) and beyond.
ETH/USD 1-hour chart
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