Ethereum price approaching possible breakout; analyst

The queen of cryptocurrency Ethereum ETH is in a stale corrective motion since the dip. The great dip came on the 9th of June, and since then, Ethereum price is unable to break past the resistance found at the $245 mark.

At the time of writing, the Ethereum price stands at the $243 mark; however, ETH price is not following the Bitcoin price movement as it was until the dip.

Ethereum price chart by Trading View

ETH price fell below the $240 mark on the 9th of June GMT time, and since then, the price has been moving in the $241 to $244 range.

The queen of cryptocurrency broke past the resistance found at $245 mark once only to bounce back below the $245 mark.

Ethereum price movement; what to expect?

Trading view analyst Double White Diamond believes that the Ethereum price movement is approaching a crucial point where it would break past the resistance point after crossing the moving average (MA).

Ethereum price chart by Trading View

Diamond records strong resistance in the Ethereum movement at the $249 mark and further above at the $250.88, and $251.20 mark. Whereas, the Trading view analyst records the support at the $235 mark and further below at the $224 mark.

While another Trading view analyst Izor believes that the cryptocurrency may break down to the $214 level before breaking out towards the $280 and then the $312 level, Ethereum price has been unable to break past to the $280 mark since the 18th of February 2020; therefore, a dip can also mean catastrophe. Cautious trading is advised at the moment.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. newcoint.com holds no liability towards any investments based on the information provided on this page.