Ethereum Price Analysis June.11 – ETH Retraces From Resistance At $250

Ethereum has fallen by a small 1.50% over the past 24 hours, causing the asset to drop toward the $239.20 level. ETH recently rebounded from support around $226 but was unable to break above the $250 resistance level, leading to the mentioned price fall.

Despite recent price declines – Ethereum is still up by a total of 27% over the past 30 days, with a further 80% price surge over the past 90 trading days. Ethereum remains ranked in 2nd place on CoinMarketCap as it presently holds a $25.66 billion market cap value at press time.

Looking at the ETH/USD 1-Day Chart:

Since our previous ETH/USD analysis, we can see Ethereum went on to drop beneath support at $240 but found further support at $225 where it saw a rebound. Ethereum has recently turned away from $250 where it faced resistance.
From above; The nearest level of resistance now lies at $250. Above this, higher resistance is located at $271, $279 and $298. If the bulls continue above $300, higher resistance exists at $315, $334 and $350.
From below: The nearest level of support now sits at $235. Beneath this, further support is located at $226, $220, $213 and $201. If selling continues beneath $200, strong support can be located at $194.
The Stochastic RSI currently trades in extreme oversold conditions as we wait for a bullish crossover signal above. The RSI has recently broken beneath the 50-level to show that sellers are in control of current momentum.

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Looking at the ETH/BTC 1-Day Chart:

Against Bitcoin, we can see ETH has done extremely well holding support at the 0.03 BTC level. The asset, however, is really struggling in making any amount of movement higher.
From above: The nearest level of resistance lies at 0.031 BTC and 0.03185 BTC. Above this, higher resistance exists at 0.032 BTC, 0.03316 BTC and 0.034 BTC.
From below: The nearest level of support sits at 0.030 BTC. Beneath this, further support lies at 0.02979 BTC, 0.02918 BTC, 0.0285 BTC and 0.02818 BTC.
The trading volume remains at roughly the average level for ETH/BTC/
The Stochastic RSI recently delivered a bullish crossover signal which indicates a potential move higher.

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